According to the China Securities Journal, Xiaomi Corp.’s auto unit in Beijing would produce 300,000 cars per year. According to the source, China’s largest smartphone maker signed a contract with Beijing Economic-Technological Development Area on Saturday, with its auto plant erected in two phases, each with a capacity of 150,000 cars.
Xiaomi has vowed to invest $10 billion in the electric vehicle industry over the next ten years, entering a field already packed with players ranging from Tesla Inc. to local companies like Nio Inc. and Xpeng Inc. The corporation previously stated that it intends to begin mass manufacturing electric vehicles in the first half of 2024.
Xiaomi has decided to enter the electric vehicle market to meet the growing demand in China and India. By 2024, Xiaomi is expected to release electric automobiles, electric scooters, and electric motorcyclists.
Xiaomi has been a disruptor in the smartphone industry, bringing low-cost devices to market. The Chinese company also makes smart TVs, wearables, earphones, and other IoT items.
Xiaomi also sells smartphones under the Redmi and POCO brands. It is one of the country’s top two smartphone sellers.
