Xiaomi to open car plant in Beijing with annual output of 300,000 vehicles – Street Register

© Reuters. FILEPHOTO: A Xiaomi shop is located in Shanghai, China on May 12, 2021. REUTERS/Aly SONG/File Photo

SHANGHAI (Reuters) – Chinese Smartphone giant Xiaomi (OTC) Corp is planning to set up a Beijing plant capable of producing 300,000. Electric vehicle units annually, officials in Beijing said Saturday.

Two phases will be used to build the plant. Xiaomi also plans on building its headquarters and sales offices in Beijing’s Economic and Technological Development Zone.

Beijing E-Town stated that it expected the plant to reach mass production by 2024. This goal was announced in October by Xiaomi’s Chief Executive Lei Jun.

Xiaomi announced in March that it will invest $10 billion over 10 years to create an electric vehicle division. In late August, the company had completed business registration for its electric vehicle unit.

To increase domestic smartphone sales, the company opened thousands of shops. However, it eventually plans to make these stores available to its customers to help them sell electric cars.

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