Beijing, Nov 28, : , Chinese electronics manufacturer Xiaomi plans to build an automobile plant in Beijing that can produce three lakh vehicles annually. The announcement was made at a contract signing ceremony on Saturday between the company and the management committee of the Beijing Economic-Technological Development Area.
According to Xinhua news agency, Xiaomi will establish business headquarters, sales headquarters and R&D headquarters in the Development Area.
The factory will be built in two phases with a combined annual production capacity of 150,000 vehicles.
The first car is expected on the production line by 2024.
According to the company, it now has 300 employees.
Lei Jun, the founder and CEO of the group, is the business’s leader.
In March, the Beijing-headquartered firm announced plans to launch an electric car business and invest $10 billion over the next decade.
Xiaomi claimed that its electric vehicle team has conducted “a huge amount of user research” over the past five months.The report stated that it has also visited industry partners and “pressed ahead with the EV products definition and team formation.”
It said that the company has yet to reveal a car.
Xiaomi recently announced that it had purchased Deepmotion, an autonomous driving company, for $77.37 million in order to “enhance technological competitiveness” of its electric car business.
According to the report, Xiaomi, well-known for its smartphones and other internet connected hardware, is entering a very crowded space in China with start-ups like Nio, Xpeng, and established players such as Tesla and Warren Buffett-backed BYD (a Chinese automaker).
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