Xiaomi EV to build Beijing E-Town factory with annual capacity of 300,000 vehicles
Beijing (Gasgoo) – The Beijing Economic and Technological Development Zone, also known as E-Town, announced on November 27 that Xiaomi EV has officially sealed the agreement to set up its headquarters in the region.
Signing ceremony; photo credit: E-Town
According to the contract, Xiaomi will build a head office, sales base, R&D base and vehicle manufacturing plant in E-Town. The manufacturing plant will be built in two phases with an expected production capacity of 150,000 vehicles each, representing a total production capacity of 300,000 vehicles per year.
The company’s previous plan to release its first car in 2024 and start mass production simultaneously has remained on track.
In addition, a week before this announcement, Xiaomi had established Xiaomi Automobile Technology Co., Ltd. with registered capital of 1 billion RMB ($ 156.56 million). The new company is licensed to operate in various fields, including new energy vehicle manufacturing, automotive vehicle and parts R&D, intelligent on-board equipment manufacturing, lithium-ion battery manufacturing, car sales, etc.
Xiaomi last week revealed that its automotive manufacturing team has grown to over 500 people.
According to its announcement in October, Xiaomi EV tried to increase recruitment with the promise of stock incentives representing 10% of the company’s total stock.
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