Xiaomi Has Plans to Establish Car Plant in Beijing With Annual Output of 300,000 Vehicles, Government Says
Authorities in Beijing announced on Saturday that Chinese smartphone giant Xiaomi will develop a plant in Beijing capable of producing 300,000 vehicles per year for its electric vehicle segment.
The plant will be erected in two stages, and Xiaomi will also establish its vehicle unit’s headquarters, sales, and research offices in the Beijing Economic and Technological Development Zone, according to the government-backed economic development agency Beijing E-official Town’s WeChat account.
Beijing E-Town said the plant would be ready for mass production in 2024, a goal declared by Xiaomi CEO Lei Jun in October.
Xiaomi announced in March that it would invest $10 billion in a new electric car segment over a 10-year period. In late August, the corporation completed the business registration of its EV segment.
The corporation has been opening hundreds of stores to boost domestic sales growth for its smartphone business, but it eventually hopes to utilize these stores as a route for selling electric vehicles.
