Xiaomi aims to be a vital player in the electric vehicle market

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Podcast – Xiaomi’s new EV factory will produce 300,000 cars annually

Xiaomi‘s intentions for electric cars were just announced in March, but the firm already has high ambitions.

According to some reports, Beijing E-Tow (an economic development agency) has stated that Xiaomi will set up an electric car factory in the city that would be able to produce up to 300,000 automobiles per year. The factory will be built in 2 different phases, with mass production expected to begin in 2024.

According to the agency, Xiaomi would also establish its headquarters for EVs, and sales & research departments in Beijing. Xiaomi has already stated that it intends to take advantage of its retail stores to assist in the sale of automobiles.

Many aspects of Xiaomi’s automobile strategy are still unknown, including prototypes and worldwide expansion. The famous tech company plans to invest the equivalent of $10 billion in the electric car sector over the next 10 years, but it hasn’t revealed much else.

The Beijing plant indicates that Xiaomi aims to become a popular (although small) EV manufacturer that rivals not only with Chinese rivals such as Xpeng and Nio but also with significant global manufacturers such as Tesla.

LaterClips – Xiaomi’s New Electric Car Business