fbpx

Type to search

Xiaomi To Open Electric Vehicle Plant in Beijing Tech Zone

Smartphone giant Xiaomi will build a plant that can produce 300,000 vehicles annually, plus its auto unit headquarters, with sales and research offices in a Beijing tech development zone


Xiaomi posted a big drop in 2nd quarter revenue on Friday.
Xiaomi posted a big drop in 2nd quarter revenue on Friday caused by Covid restrictions. Photo: Reuters.

 

Chinese smartphone giant Xiaomi Corp will build a plant that can produce 300,000 vehicles annually in Beijing for its electric vehicle unit, authorities in the capital said on Saturday.

The plant will be constructed in two phases and Xiaomi will also build its auto unit’s headquarters, sales and research offices in the Beijing Economic and Technological Development Zone, the government-backed economic development agency Beijing E-Town said on its official WeChat account.

Beijing E-Town said it anticipated the plant reaching mass production in 2024, a goal announced by Xiaomi’s chief executive Lei Jun in October.

In March, Xiaomi said it would commit to investing $10 billion in a new electric car division over 10 years. The company completed the business registration of its EV unit in late August.

The company has been opening thousands of stores to spur domestic sales growth for its smartphone business but eventually intends to use these shops as a channel for its plans to sell electric vehicles.

 

• Reuters with additional editing by Jim Pollard

 

 

ALSO SEE:

Xiaomi Switches China Strategy With Eye On EV Showrooms

Xiaomi To Mass Produce Own Cars In First Half Of 2024

Xiaomi Funding Lifts Auto-Chip Firm Black Sesame’s Value To Near $2bn

China Evergrande in Talks with Xiaomi Consortium to Sell EV Unit Stake

 

Tags:

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

logo

AF China Bond