Chinese battery electric vehicle (BEV) startup Xiaomi Auto is planning to expand vehicle production in Beijing after reports emerged that the company had acquired a large plot of land near its existing vehicle assembly plant in Yizhuang district.
The Xiaomi Jingxi Technology subsidiary paid CNY842m (US$116m) for the 130 acre site, according to a filing published by the Beijing Municipal Commission of Planning and Natural Resources.
Go deeper with GlobalData
Xiaomi planned to build on the early success of its battery powered SU7 passenger car which went into production earlier this year.
Earlier this month CEO Lei Jun said it had already delivered 30,000 SU7s since production began in March, with prices starting at CNY216,000 (US$30,000), and was on track to sell over 100,000 by the end of the year.
The company planned to produce a second, high end smart BEV model, as it vied to become a major player in the country’s BEV market with a US$10bn investment plan, despite rising price competition. The company aimed eventually to compete internationally with industry leader Tesla.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
