Xiaomi to produce 300,000 EVs a year in new Beijing factory starting in 2024

In context: Following Tesla’s success within the EV section, many automotive producers are growing their very own electrical automobiles to get a share of this multi-million greenback market. Nonetheless, they don’t seem to be alone, as shopper electronics corporations like Xiaomi are additionally attempting to seize a chunk of the pie, investing about $1.5 billion over 10 years in a subsidiary devoted to the manufacturing of EVs.

The funding was confirmed in March. The Chinese language firm has since made some progress in the direction of its goal, specifically buying autonomous driving startup DeepMotion for round $77.3 million.

Now, it appears the Chinese language large is specializing in shopping for land to construct a brand new plant to supply its EVs. Per the newest stories, Xiaomi will construct a plant in Beijing, China, liable for manufacturing 300,000 automobiles per yr, however manufacturing will not begin till 2024. This plant is ready to be situated within the Beijing financial and technological improvement zone (Beijing E-town), an space backed by the native municipal authorities.

In addition to the brand new plant, Xiaomi can even set up the EV subsidiary’s headquarters, gross sales, and analysis workplaces in Beijing, utilizing the town as the middle for its EV operation.

Alongside the subsidiary, Xiaomi will likely be opening 1000’s of telephone shops all through China, which can even be used to promote its upcoming electrical automobiles. Providing EVs at telephone shops will present a direct promoting level for clients.

Xiaomi is not the one shopper electronics firm concerned about getting into the EV market. Sources declare Apple remains to be concerned about growing its personal EV with self-driving capabilities, however do not get your hopes as much as see one anytime quickly, as rumors declare the primary fashions are nonetheless about 4 years away.

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