Chinese electronics company Xiaomi has entered the automobile market and plans to build a factory in Beijing that will produce 300,000.
Authorities from China’s capital city have revealed that the plant will be constructed in two phases. In the Beijing Economic and Technological Development Zone, Xiaomi will establish its headquarters and sales offices.
While it’s not known when construction on the site will start, Xiaomi Chief Executive Lei Jun said that mass production should begin at the site in 2024. Reuters reports.
You can also read: Xiaomi officially forms an electric vehicle business unit
In September, the company announced that it had formed Xiaomi EV Company Limited. This is its auto venture. Xiaomi spent five months doing user research, industry chain inspections and creating the EV brand. In September 2018, the EV Division had 300 employees.
Xiaomi has not yet presented a roadmap detailing what its venture into the world of electric vehicles will entail, although the construction of a large factory suggests that it won’t partner with an existing automaker nor a contract manufacturer to bring its first vehicle to life. Xiaomi claims it will spend $10 billion in 10 years on its electric vehicle venture.
In August, Xiaomi’s EV push saw it purchase autonomous driving technology company Deepmotion Tech, suggesting that it is also looking to equip its production models with advanced driver-assistance systems.
