Xiaomi announced in March that it would commit to investing $10 billion (approximately Rs. 75,000 crores) over a 10-year period in a new electric vehicle division.
Beijing authorities announced on Saturday that the Chinese smartphone giant Xiaomi will construct a cars plant in the city. Moreover that car plant will be capable of producing 300,000 vehicles per year for its electric vehicle unit.
In addition to the cars plant, which will be built in two phases, Xiaomi will also establish its auto 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-Town, which shared the news on its official WeChat account.
Beijing E-Town said it expected the factory to reach full manufacturing capacity by 2024. Also in line with a goal set by Xiaomi’s Chief Executive Lei Jun in October of this year.
Xiaomi announced in March that it would commit to investing $10 billion (approximately Rs. 75,000 crores) over a 10-year period in a new electric vehicle division. In late August, the corporation achieved the business registration of its electric vehicle segment.
The company has been opening thousands of stores to boost domestic sales growth for its smartphone business. But it eventually aims to utilize these stores as a distribution channel for its plans to sell electric automobiles in the United States and other countries.