U.S. markets open in 14 minutes
  • S&P Futures

    3,963.50
    +1.50 (+0.04%)
     
  • Dow Futures

    33,853.00
    -4.00 (-0.01%)
     
  • Nasdaq Futures

    11,538.00
    +13.25 (+0.11%)
     
  • Russell 2000 Futures

    1,839.70
    +1.90 (+0.10%)
     
  • Crude Oil

    81.11
    +2.91 (+3.72%)
     
  • Gold

    1,769.80
    +6.10 (+0.35%)
     
  • Silver

    21.95
    +0.51 (+2.40%)
     
  • EUR/USD

    1.0384
    +0.0049 (+0.48%)
     
  • 10-Yr Bond

    3.7850
    +0.0370 (+0.99%)
     
  • Vix

    22.21
    0.00 (0.00%)
     
  • GBP/USD

    1.2006
    +0.0056 (+0.47%)
     
  • USD/JPY

    139.1400
    +0.5060 (+0.36%)
     
  • BTC-USD

    16,831.92
    +405.01 (+2.47%)
     
  • CMC Crypto 200

    399.55
    +10.83 (+2.79%)
     
  • FTSE 100

    7,585.53
    +73.53 (+0.98%)
     
  • Nikkei 225

    27,968.99
    -58.85 (-0.21%)
     

Xiaomi's upcoming EV factory will make up to 300,000 cars per year

BEIJING, CHINA - AUGUST 16, 2021 - Photo show the Xiaomi flagship store at Jinyuan Shopping Mall in Haidian District, Beijing, China, August 16, 2021. It is reported that The headquarters of Xiaomi Auto and its first factory will be located in Beijing. (Photo credit should read Costfoto/Barcroft Media via Getty Images) (Barcroft Media via Getty Images)

Xiaomi only announced its electric car plans in March, but it already has grand ambitions. According to Reuters, the economic development agency Beijing E-Town has confirmed that Xiaomi will build an EV factory in the city capable of producing up to 300,000 vehicles per year. The plant will be built in two phases and should start mass production in 2024.

The company will also set up its EV headquarters, research and sales divisions in Beijing, the agency said. Xiaomi already plans to use its retail stores to help sell cars.

There are still many unknowns for Xiaomi's car strategy, including the initial models and international expansion. The successful tech brand expects to invest the equivalent of $10 billion in the EV division over 10 years, but hasn't shared much detail beyond that. The Beijing factory says more — it suggests Xiaomi intends to become a mainstream (if initially small) EV manufacturer that competes not just with Chinese rivals like Nio and Xpeng, but significant foreign automakers like Tesla.