Xiaomi will produce 300,000 EVs per year in a new plant in Beijing starting in 2024

In the context: Following Tesla’s success in the EV segment, many car manufacturers are developing their own EVs to gain market share in this multi-million dollar market. However, they are not alone as consumer electronics companies like Xiaomi are also trying to grab a piece of the pie by investing about $ 1.5 billion over 10 years in an electric vehicle subsidiary.

The investment was confirmed in March. Since then, the Chinese company has made some progress towards its goal of acquiring autonomous driving startup DeepMotion for an estimated $ 77.3 million.

It now looks like the Chinese giant is focusing on buying land to build a new electric vehicle plant. According to the latest reports, Xiaomi will build a factory in Beijing, China in charge of production 300,000 vehicles a year, but production will not begin until 2024. The plant will be located in the Beijing E-town, an area supported by the local municipal government.

In addition to the new plant, Xiaomi will also open the headquarters, sales and research offices of an electric vehicle subsidiary in Beijing, using the city as a hub for electric vehicles.

Along with its subsidiary, Xiaomi will open thousands of phone stores across China, which will also be used to sell its future electric vehicles. Selling electric vehicles in telephone shops will be an immediate argument in favor of interested buyers.

Xiaomi isn’t the only consumer electronics company interested in entering the EV market. Sources say Apple is still interested in developing its own electric vehicle with autonomous driving capability, but don’t expect to see one anytime soon as the first models are rumored to be about four years away.

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