Xiaomi’s proposal to enter fully into electric vehicle production has become a reality, with the announcement of a plant to be built in Beijing, China, where 300,000 cars per year are expected to be manufactured.
At this complex, the Asian brand expects to create an electrified car division, and will be the place from which all decisions related to this large part of the business will be made.
The factory will be constructed in two phases, as announced by the Beijing E-Town Economic Development Agency, and will house Xiaomi Automobile’s headquarters, engineering, research and development and sales facilities.
Multi-million Dollar Budget
The company’s investment on these new technologies will reach 10 billion dollars over the next 10 years, so the bet on this area is based on solid foundations, and probably the ultimate goal is to become one of the leaders in sales around 2030.
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Xiaomi CEO Lei Jun revealed that the plant will be ready to begin mass production by 2024, and the company is expected to put its first electric car on the market.
For the executive, electric vehicles represent one of the biggest business opportunities for the next decade, and are an indispensable component of the new era. He assures that the decision to enter the business is a natural choice, as they expand their smart IoT ecosystem and fulfill their mission to enable everyone in the world to enjoy a better life through innovative technology.
A Large Complex
Among this impressive project, the Chinese giant wants to build stores to serve more than a single purpose, creating locations of at least 600 square meters that will enable visitors to not only get a hands-on experience with the latest devices, such as smartphones, tablets or smartwatches, but also to see electric cars.
On November 18th, the company registered their second automotive venture, Xiaomi Automobile Technology Co. The organization embarked on a rigorous research process on electric vehicles which included 85 meetings with over 200 industry experts, 4 internal management discussions and 2 meetings with the board.
Xiaomi is not the only one already working on its innovative car, but developments are also expected from other brands, such as Apple or Oppo. However, the company is the only one to have officially announced its entry into this market, something that in the case of its rivals is limited to mere rumors.
Written by I Jhonattan González
