Chinese smartphone giant Xiaomi will build a car plant with the capacity of manufacturing 300,000 per year in China’s capital Beijing.
Beijing E-Town, a Chinese government-backed economic development agency, said on its official WeChat account that the plant will be built in two phases. Xiaomi will also build its auto unit’s headquarters, sales and research offices in the Beijing Economic and Technological Development Zone.
It is anticipated that the plant will reach mass production in the year 2024, a goal announced by Xiaomi’s Chief Executive Lei Jun in October reads a Reuters report.
Xiaomi, in March this year, said that it would commit to investing $10 billion in its new electric car division over 10 years. In late August, the company completed the business registration of its EV unit.
The company has been opening thousands of stores to increase domestic sales growth for its smartphone business. It intends to use these shops as a channel for its plans to sell electric vehicles eventually.
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