Xiaomi To Open Car Plant In Beijing With Annual Output Of 300K Vehicles

Chinese designer and manufacturer of consumer electronics Xiaomi Corp (OTC: XIACF) says it will build a car plant in Beijing which will produce close to 300,000 vehicles annually. 

The plant will be constructed for its electric vehicle unit. It will also build its auto unit's headquarters, sales, and research offices in the Beijing Economic and Technological Development Zone. 

In March, Xiaomi indicated it would commit to investing $10 billion in a new electric car division over ten years. 

The company completed the business registration of its EV unit in late August.

Last month Xiaomi announced that it will mass-produce its cars in the first half of 2024. 

The company has yet to confirm if it will produce the car independently or via a partnership with an existing carmaker.

In August, the company acquired autonomous driving firm Deepmotion for around $77.37 million to boost the technological competitiveness of its electric vehicle business.

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