Xiaomi to open factory in Beijing with annual output of 300,000 cars

A statement on Saturday revealed that China smartphone giant Xiaomi Corp. officially signed a cooperation agreement to build a car plant in Beijing with the Administrative Committee of Beijing Economic-Technological Development Area, also known as E-Town.

The company has become the latest tech company to join China’s red-hot new energy vehicle or NEV sector committing to invest 10 billion dollars in a new electric car division over the next 10 years in March.

Six months after that, it completed the official business registration for its electric vehicle or EV unit, Xiaomi EV, a milestone in its push into the automotive sector.

According to the statement that the E-Town posted on its WeChat account, the new plant will be able to produce 300,000 vehicles annually for Xiaomi’s EV unit.

The plant will be constructed in two phases, and it will also build it’s auto unit’s headquarters, sales and research headquarters in the E-Town. Adding this projects the plant would reach mass production in 2024 – a goal announced by Xiaomi’s CEO Lei Jun in October.

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