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 (75,000 crores) 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 stores as a channel for its plans to sell EVs.
What do you think will be the response to Xiaomi’s new vehicles?
- Eternals is an Ambitious, Bold, and Marvelous Misstep
- Jio New Plans: Revised Plans Continue to Provide The Best Value in the Industry
- Elon Musk wants you to stop relying upon cryptocurrency exchanges, here’s why