Chinese smartphone company Xiaomi will take a further step into the EV market with plans to build a car manufacturing plant in Beijing with an annual production capacity of 300,000 vehicles, reports Retuers. The plant will be built in two phases and Xiaomi will also construct its auto unit’s headquarters, sales and research offices in the Beijing Economic and Technological Development Zone.
Xiaomi’s Chief Executive Lei Jun announced in October that the plant was anticipated to reach mass production in 2024. 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.