Chinese electronics giant Xiaomi is venturing into the automotive world and will construct a factory that can produce up to 300,000 vehicles annually in Beijing.
Authorities from China’s capital city have revealed that the plant will be constructed in two phases. Xiaomi will also establish the headquarters for its automotive division, as well as sales and research offices, in the Beijing Economic and Technological Development Zone.
It is unclear when construction at the site will commence, but Xiaomi chief executive Lei Jun says the site should be able to start mass production in 2024, Reuters reports.
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It was only in September that the technology brand announced the formation of Xiaomi EV Company Limited, its automotive venture. The EV brand has a registered capital of 10 billion RMB ($1.5 billion) and was formed after Xiaomi spent five months conducting user research and industry chain inspections. As of September, the EV division had 300 employees.
Xiaomi has not yet presented a roadmap detailing what its venture into the world of electric vehicles will entail, although the construction of a large factory suggests that it won’t partner with an existing automaker nor a contract manufacturer to bring its first vehicle to life. Xiaomi says it is willing to spend $10 billion on its EV venture in the coming 10 years.
In August, Xiaomi’s EV push saw it purchase autonomous driving technology company Deepmotion Tech, suggesting that it is also looking to equip its production models with advanced driver-assistance systems.
Xiaomi EV Company Limited executives