Xiaomi is opening a car factory in Beijing

Xiaomi is opening a car factory in Beijing

Photo Credits: xiaomi

Chinese smartphone giant Xiaomi Corp. will build a factory that can produce 300,000 vehicles a year in Beijing for its electric vehicle unit, authorities in the Chinese capital announced on Saturday.

The factory will be built in two phases, and Xiaomi will also build up the seat of its car units, sales and research office in the area of economic and technological development of Beijing, announced the Agency for Economic Development of Beijing E-Town, which supports the government in its official WeChat arrest, transfers Reuters.

Beijing E-Town said it expects the factory to reach mass production in 2024, as announced by Xiaomi CEO Lei Jun in October.

In March, Xiaomi said it would commit to investing $ 10 billion in a new electric car division over 10 years. The company completed the business registration of its EV unit in late August.

The company has opened thousands of stores to boost domestic sales of its smartphone business but ultimately intends to use these stores as a channel for its plans to sell electric vehicles.