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Xiaomi to open car plant in Beijing with annual output of 300,000 vehicles


© Reuters. FILE PHOTO: The Xiaomi brand is seen at a Xiaomi store in Shanghai, China May 12, 2021. REUTERS/Aly Song/File Photo

SHANGHAI (Reuters) – Chinese smartphone big Xiaomi (OTC:) Corp will construct a plant that may produce 300,000 vehicles yearly in Beijing for its electrical automobile unit, authorities in the capital mentioned on Saturday.

The plant can be constructed in two phases and Xiaomi may even constructed its auto unit’s headquarters, gross sales and analysis workplaces in the Beijing Economic and Technological Development Zone, the government-backed financial growth company Beijing E-Town mentioned on its official WeChat account.

Beijing E-Town mentioned it anticipated the plant reaching mass manufacturing in 2024, a aim introduced by Xiaomi’s Chief Executive Lei Jun in October.

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In March, Xiaomi mentioned it will commit to investing $10 billion in a brand new electrical car division over 10 years. The firm accomplished the enterprise registration of its EV unit in late August.

The firm has been opening hundreds of shops to spur home gross sales development for its smartphone enterprise however finally intends to use these outlets as a channel for its plans to promote electrical vehicles.

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