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Xiaomi to produce 300,000 vehicles yearly starting 2024

It has been reported that Chinese smartphone and smart appliances giant Xiaomi Corp plans on building a huge headquarter base for vehicles

The manufacturing factory will be completed in two phases, each with a designed manufacturing capacity of 150,000 vehicles, for a total manufacturing capacity of 300,000 vehicles per year.

Xiaomi Cars

Xiaomi’s Chief Executive Lei Jun declared in October that the facility will achieve commercial production in 2024. Beijing E-Town said it expected the project to begin mass production in 2024.
Xiaomi has also established Xiaomi Vehicle Expertise Co., Ltd. with a registered capital of RMB1 billion ($156.56 million) a week before this announcement. The new company has been granted licenses to operate in a variety of fields, including new-energy automotive production, automobile and auto component R&D, intelligent onboard tools manufacture, lithium-ion battery manufacturing, auto sales, and so on. Last week, their automaking team had grown to around 500 people.

In March, Xiaomi plans to invest $10 billion over ten years in a new electric car segment. In late August, the corporation finalized the business registration of its EV segment.

Other Chinese tech companies, such as Huawei and Baidu, are said to be working on smart EVs alongside Xiaomi. The Chinese market is already congested with domestic businesses like Nio and Xpeng leading the way, as well as established foreign-based manufacturers such as Tesla. According to a recent Canalys estimate, EV sales in China are likely to climb by 50% or more this year.

The company’s prior goal to launch its first vehicle in 2024 and commence mass manufacturing at the same time was put on hold.

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