Xiaomi Will Make 300,000 Electric Cars/Year, Rs 75,000 Crore Investment Committed
Xiaomi will soon be building a plant with a capacity to produce 300,000 vehicles per year in Beijing.
The company had joined the EV race back in March. It completed the business registration of its EV unit- Xiaomi EV Inc- and was opened with a registered capital of $10 billion.
The unit has employed 300 people and recruitment is still ongoing.
Xiaomi To Build Plant To Produce 300,000 EVs Annually In Beijing
The plant will be constructed in two phases in Beijing, and it will be capable to produce 300,000 electric vehicles annually. Xiaomi will build its auto unit’s headquarters, sales and research offices in the Beijing Economic and Technological Development Zone.
This has been confirmed by the government-backed economic development agency Beijing E-Town on its official WeChat account.
Xiaomi purchased autonomous driving technology startup Deepmotion for over $77 million. This would improve its research capabilities and efforts to develop autonomous driving technologies.
Xiaomi had also made moves to purchase a stake in the beleaguered real estate giant Evergrande Group’s automotive unit. While it has reached out to several automakers, it has not yet settled on anyone to work with.
The EV unit is named Xiaomi EV Inc and was opened with a registered capital of 10 billion yuan ($1.55 billion).
Xiaomi To Collaborate With Great Wall Motor
It is expected that the electric car manufactured by Xiaomi will be targeted at the masses. Sources are assuming the pricing to be lower than the likes of Tesla in China.
While the project is the first of its kind for Xiaomi, this is definitely not the first step taken by the conglomerate in the auto industry. Xiaomi had launched an SUV in 2019, called the Pentium T77.
While Xiaomi is foraying into the automobile sector, it is alleged to tie up with a local automaker called the Great Wall Motor, for building its electric cars.
Xiaomi is currently in talks with the Chinese auto company to strike a deal allowing it to use its plants to manufacture electric cars, stated a wire agency.
It has been reported that Great Wall Motor will be providing its assistance in areas of engineering consultancy, along with manufacturing facilities, to ramp up the whole EV project.