The Chinese smartphone giant Xiaomi Corp will build a factory that can produce 300,000 vehicles a year.
The plant will be built in two phases and Xiaomi will also build the automotive unit’s headquarters, sales and research offices in Beijing’s Economic and Technological Development Zone, government economic development agency Beijing E-Town said in its official WeChat account .
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Beijing E-Town said it anticipated the factory will reach mass production by 2024, a target announced by Xiaomi chief executive 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 commercial registration of its EV unit in late August.
The company has opened thousands of stores to drive domestic sales growth for its smartphone business, but plans to use those stores as a conduit for its plans to sell electric vehicles.
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