Xiaomi to build its first electric vehicle factory in Beijing!

Beijing E-Town has confirmed that Xiaomi will build an EV factory capable of producing up to 300,000 vehicles annually.

CEO Lei Jun and company president Wang Xiang at the contract-signing event

Smart cars from Xiaomi coming soon?

The tech giant only announced its electric car plans in March this year, but it already has grand ambitions. As mentioned, authorities in Beijing said that its first plant can produced 300K electric cars. 

Beijing E-Town said it anticipated the plant reaching mass production in 2024, a goal announced by Xiaomi's Chief Executive and Founder Lei Jun in October. CEO Lei Jun and company president Wang Xiang were both present at the contract-signing ceremony, along with government officials.

Allegedly, the construction will be divided 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 company has confirmed that it initially invested USD 1.5B and USD 10B over the next 10 years. Xiaomi declared in an investor filing that it will set-up a wholly-owned subsidiary to operate a smart electric vehicle business. It completed the business registration of its EV unit in late August.

Moreover, the company previously announced it was acquiring autonomous driving technology firm DeepMotion. Wang added that they already hired 500 employees for the project of this developing car business.

Furthermore, the Chinese government recently praised Xiaomi for epitomising "outstanding Chinese technology" and smart manufacturing. It says that the company’s project will help Beijing become an innovation centre for smart EVs, an area where China wants to take the global lead.

Sources: South China Morning Post, Engadget