Smartphone maker Xiaomi is expected to start mass-producing its own electric vehicles starting in 2024.
As Reuters reports, Xiaomi has selected the Beijing Economic and Technological Development Zone to construct a new manufacturing plant which will eventually produce 300,000 vehicles a year. The site will also be home to the company’s EV headquarters, sales, and research offices.
Xiaomi’s plans have been confirmed via WeChat by the government-backed economic development agency Beijing E-Town. The manufacturing plant is expected to be ready for mass production in 2024, according to Xiaomi’s Chief Executive Lei Jun, and the company has committed $10 billion of investment for its EV business over the next decade.
As to how Xiaomi intends to sell its vehicles, the company is currently focused on opening thousands of smartphone stores across China. However, it’s expected that these stores will also double as a way of buying an electric vehicle in the future. Xiaomi will effectively have a sales network ready to go the day its EVs start rolling off the production line.