Xiaomi plans to build an electric car factory that can produce 300,000 units annually, when it is fully operational in 2024.
The plant will be built in Beijing and will be built in two stages. In addition, Xiaomi will also build a headquarters for its automotive unit, including an office for the research and sales division, in the Beijing Economic and Technological Development Zone.
This news was spread by Beijing E-Town, China's state-owned economic development agency, on its official WeChat account.
According to Beijing E-Town, the Xiaomi factory will operate to its full potential in 2024, as previously revealed by Xiaomi CEO Lei Jun in October 2021.
When the operation is at its maximum, the Xiaomi car factory is targeted to produce 300 thousand units of electric cars every year.
Previously in March 2021 Xiaomi promised to invest USD 10 billion in the electric car division over the next 10 years. Then Xiaomi has registered its new business at the end of August 2021.
To sell its electric car, Xiaomi will rely on a row of offline stores that are currently used to market cellphones and various other products, the number of which has recently been increasing. According to Lu Weibing, President of the International Division of Xiaomi, the number of Xiaomi stores has reached 10,000 worldwide until last October.
The electric vehicle industry is one of the focuses of the Chinese government, because it can reduce emissions and support their carbon neutral target by 2060.
