Xiaomi will build its first plant to manufacture electric vehicles on the outskirts of Beijing and has signed an agreement this Saturday with the committee of the Economic and Technological Development Area of the Chinese capital to launch the project in Yizhuang, a southern suburb of the city. announced the authority on his Chinese social network account Weibo.
The company, which until now mainly competed with mobile manufacturers such as Apple or Samsung, now plans to also rival Tesla and has planned produce 300,000 vehicles a year at its new plant starting in 2024.
The Chinese firm announced its plans to conquer the electric car market in March this year, stating that it seeks to invest around $ 10 billion in the business over the next decade.
“Xiaomi hopes to offer quality smart electric vehicles for everyone in the world to enjoy a smart life anytime, anywhere,” the company said in a statement at the time.