Xiaomi Expands EV Production with $116 Million Site Acquisition in Beijing

Xiaomi Corp. purchased a 53-hectare plot of land in Beijing for 842 million yuan ($116 million) to boost EV production.

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The site is located in Yizhuang district, near Xiaomi's existing EV factory, facilitating streamlined operations.

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The land acquisition by Xiaomi subsidiary Xiaomi Jingxi Technology Ltd. aims to develop high-end and new energy intelligent vehicles.

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This follows the successful launch of Xiaomi's debut electric sedan, the SU7, in March, priced at 215,900 yuan.

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Xiaomi has delivered 30,000 vehicles and aims to reach 100,000 units by November 2024, contrasting with struggles faced by competitors.

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Xiaomi plans to produce an SUV similar to Tesla's Model Y by 2025, expanding its vehicle offerings.

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The new Yizhuang site will support Xiaomi's ambitious production goals, with plans to complete the second phase of its car factory by 2025.

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The first phase of the factory will have an annual production capacity of 150,000 cars, significantly boosting Xiaomi's manufacturing capabilities.

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By leveraging its technological expertise and strategic investments, Xiaomi aims to become a leading player in the global electric vehicle market.

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