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| Image Credit: Wikimedia Commons |
The statement was made at a contract signing event between the company and the Beijing Economic-Technological Development Area's management committee on Saturday.
According to the agreement, Xiaomi will establish business headquarters, sales headquarters, and R&D headquarters in the Development Area for the vehicle production base, according to Xinhua news agency.
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The automobile plant will be built in two stages, each with a production capacity of 150,000 automobiles per year. In 2024, the first car is planned to roll off the assembly line.
The company employs 300 employees, according to the corporation, and is led by Lei Jun, the group's founder and CEO.
The Beijing-based company revealed plans to create an electric car industry and invest $10 billion over the next ten years in March.
In the last five months, Xiaomi's electric car team has "conducted a significant amount of user research," according to the company. According to the report, it has also visited industry partners while "pushing ahead with the EV product definition and team formation."
The company has yet to reveal a vehicle, according to the statement.
Xiaomi just announced the acquisition of Deepmotion, an autonomous driving company, for $77.37 million to "improve the technological competitiveness" of its electric vehicle business.
According to the report, Xiaomi, which is known for its smartphones and other internet-connected technology, is entering a crowded market in China that includes start-ups like Nio and Xpeng as well as established competitors like Tesla and Warren Buffett-backed BYD, a Chinese automaker.
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