Xiaomi Corporation said it planned to begin construction of an electric vehicle (EV) manufacturing plant in Beijing next year, according to reports in Chinese state media, citing an announcement made by the consumer electronics manufacturer during a land purchase signing ceremony.

The new factory would have initial annual production capacity of 150,000 units when opened in 2024, rising to 300,000 units after a second phase, according to the reports.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The company was reported to have signed an agreement to purchase land in the Beijing economic technological development area where it planned to build its automotive headquarters, R&D centre and factory.

Xiaomi said earlier this year it wanted to enter the smart EV segment.

The company had held talks with a number of potential automotive partners and acquisition targets in recent months, including EV startup China Evergrande New Energy Vehicle Group, a subsidiary of the bankrupt Chinese property group.