electric vehicle
electric vehicle

Chinese technology firm Xiaomi plans to build an electric vehicle (EV) production plant in the Daxing district of the country’s capital Beijing

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On November 27, Xiaomi signed a cooperation agreement with the Beijing Economic and Technological Development Area in Daxing. The EV plant will have a design capacity of 300,000 units per year and will be built in two phases of 150,000 units per year each. Commercial production is set to start in 2024.

The Beijing-based company announced in March that it had entered the electric vehicle manufacturing industry after investing 10 billion yuan ($1.56 billion) in establishing a wholly-owned subsidiary to develop EVs with artificial intelligence. In the next ten years, the company plans to invest an additional $10 billion in its EV business. In August of this year, it paid $77 million for the acquisition of Deepmotion, an autonomous driving company.

Xiaomi manufactures and invests in a variety of products, including smartphones, mobile apps, laptops, home appliances, bags, shoes, and consumer electronics. Xiaomi surpassed Apple to become the world’s third-largest smartphone producer by shipment volume in October 2020, shipping 46.2 million handsets in the third quarter of 2020. In response to Beijing’s initiative to accelerate its transition to a low-carbon society, more Chinese firms from various industries, such as Xiaomi, Baidu, and Evergrande, have entered the electric vehicle industry in recent years. Beijing has announced a development plan for the new energy vehicle (NEV) industry for 2021-35, with the goal of having NEVs account for 20% of total vehicle sales in the country by 2025.

According to data from the China Automotive Manufacturers Association, China’s NEV output and sales during January-October totaled 2.566mn and 2.542mn units, respectively, up 175.3pc and 176.6pc year on year, with NEVs accounting for 12.1pc of total vehicle sales. According to market participants, global sales of NEVs are expected to exceed 5 million this year, an increase of more than 50% over last year.

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