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From Cell Phones to EV Factories
Xiaomi, one of the top cell phone manufacturers in the world, is building its first EV factory in Beijing’s suburbs with an end goal of launching vehicles by 2024. The factory will be built in two phases, with the ultimate production capacity of 300,000 vehicles per year.
Xiaomi also announced plans to invest $10 billion into its EV projects over the next 10 years, including improving its autonomous features through a recent purchase of Deepmotion for $77 million. Currently, the company is focusing on opening smartphone stores across China. It’s expected that these stores will double as a venue for consumers to purchase EVs. Go in to get your new cell phone and come out with a new EV.
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