By Kate Yuan

(JW Insights) Jul 6 -- China’s smartphone giant Xiaomi’s first car model has completed pricing and may be launched next year, its supplier Changchun FAWAY Automobile Components (一汽富维) disclosed it on its investor platform of the Shanghai Stock Exchange on July 4.

FAWAY said that it is actively communicating with Xiaomi Vehicle and several subsidiaries have already joined Xiaomi Vehicle’s procurement team.

Founded in 1993 and listed on the Shanghai Stock Exchange in 1996, FAWAY focuses on cabin and exterior systems, intelligent vision, wheels, lamp electronics and body structures. By 2022, it has provided services to China FAW, Volkswagen, Toyota, Volvo, Mercedes-Benz, BMW, General Motors, Great Wall, NIO, Li Auto, and Xpeng Motors.

William Lu, a partner, and president of Xiaomi, said testing for Xiaomi’s car will be conducted in both summer and winter this year, with an official launch scheduled for the first half of next year. As early as May this year, William Lu pointed out that Xiaomi’s car was “progressing smoothly and is expected to meet or slightly exceed expectations in terms of timing, according to Pandaily.

Previously, there were rumors circulating online that Xiaomi cars would start at RMB149,900 ($20,000). However, it was later confirmed by the official sources to be false information. In early June, an automotive blogger claimed to have taken real-life photos of Xiaomi cars and described the vehicle as having a large size and an especially cool low-profile posture, said the Pandaily report.