Xiaomi is getting aggressive with its EV plans. The brand revealed plans to get into the Electric Vehicles segment sometime in the few years. Today a report surfaced claiming that Xiaomi is set to build a plant in Beijing to produce 300,000 vehicles annually for its electric vehicle unit.
As per Reuters, the company has completed the business registration of its EV unit in August and the plant will be constructed in two phases. The brand is also in the phase of making a dedicated HQ in the Beijing Economic and Technological Development Zone, dedicated to sales, and research. The plant is said to reach its full potential by 2024.
The dedicated EV brand will be called Xiaomi Motors and has been registered in Beijing on September 1. There is still no word on the type of EVs Xiaomi is planning to build. Given that the core market for this brand will primarily be the China market but seeing the surge of EVs in the global markets, Xiaomi could diverge globally as well.
As of September 30, 2021, Xiaomi’s research and development team totaled 13,919 employees, accounting for more than 44% of total employees. This shows that the brand is serious about R&D, which has helped the brand to post revenue of 78.1 billion yuan (US$ 12.2 billion), an increase of 8.2% compared to Q3 2020.