Shanghai, Nov. 27 (BNA): The authorities in the capital said, on Saturday, that Chinese smartphone giant Xiaomi Corp (1810.HK) will build a factory that can produce 300,000 cars annually in Beijing for the electric vehicle unit.
According to Reuters, the plant will be constructed in two phases and Xiaomi will also build its automotive unit headquarters, sales and research offices in the Beijing Economic and Technological Development Zone, the government-backed Beijing E-Town Economic Development Agency said in an official statement. WeChat account.
Beijing E-Town said it expects the plant to reach mass production in 2024, a goal announced by Xiaomi CEO Lei Jun in October.
In March, Xiaomi said it would commit to investing $10 billion in a new electric vehicle division over 10 years. The company completed commercial registration for its electrical unit in late August.
The company has opened thousands of stores to spur domestic sales growth for its smartphone business, but it eventually intends to use those stores as a channel for its plans to sell electric cars.
NS