Xiaomi Set to Start Producing 300,000 Electric Vehicle Annually

After years of excellence in the smartphone industry, the smartphone giant Xiaomi is set to start producing electric vehicles.

Earlier in March, Xiaomi announced its plans to start producing electric cars, and now the company has taken a step further towards the realization of its goal.

According to a report, Chinese smartphone giant Xiaomi Corp will build a plant that can produce 300,000 vehicles annually in Beijing for its electric vehicle unit.

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.

There are still many unknowns for Xiaomi’s car strategy, including the initial models and international expansion.

The post Xiaomi Set to Start Producing 300,000 Electric Vehicle Annually appeared first on Wealth Creation.

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