Xiaomi to build its first electric vehicle factory in Beijing suburb
- The car factory will be constructed in two phases, each designed to have an annual production capacity of 150,000 units
- Xiaomi is among a number of Chinese tech companies, including Huawei and Baidu, that have ventured into the EV industry
Chinese smartphone maker Xiaomi is building its first electric vehicle factory in the outskirts of Beijing, according to a local government announcement, marking an important step for the firm as it vies for a slice of China’s booming EV market.
The Beijing-based company inked a deal on Saturday with the committee of the Beijing Economic-Technological Development Area to land its car project in Yizhuang, a suburb southeast of the Chinese capital, the local government said in a WeChat post. Xiaomi founder and CEO Lei Jun, as well as company president Wang Xiang, were present at the contract-signing ceremony, along with government officials.
Under the agreement, Xiaomi’s car factory will be constructed in two phases, each designed to have an annual production capacity of 150,000 units. Its first vehicle is expected to hit the road in 2024.
The project also includes the headquarters of Xiaomi’s car business, as well as a sales centre and an R&D centre. The company did not disclose how much money it is spending on the construction.
At the time, Xiaomi said it is investing US$10 billion on its EV project over the next 10 years. This summer, the company announced it was acquiring autonomous driving technology firm DeepMotion for US$77.4 million.
