Chinese smartphone giant Xiaomi will build a plant in Beijing that produces 300,000 vehicles annually for its electric vehicle unit, officials in the capital said on Saturday.
The plant will be constructed in two phases and Xiaomi Government-backed economic development agency Beijing E-Town said on its official WeChat account that Beijing would also build its auto unit headquarters, sales and research offices in the Economic and Technological Development Zone.
Beijing E-Town said it anticipates reaching mass production in 2024, a goal announced by Xiaomi’s chief executive Lei Jun in October.
In March, Xiaomi said that it would Committed to invest $10 billion (approximately Rs 75,000 crore) into a new electric car division in 10 years. The company completed business registration of its EV unit at the end of August.
The company is opening thousands of stores for its smartphone business to increase home sales, but eventually intends to use these stores as a channel for its plan to sell electric vehicles.
© Thomson Reuters 2021
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