Chinese tech company Xiaomi is planning to enter the electric vehicle market with expectations to start full-scale production by early 2024, according to reports from local Chinese media, the company is currently working on establishing its electric vehicle factory in the Yizhuang area of Beijing.
Xiaomi has adopted a plan that includes building the factory in two phases, with the first phase completed in the middle of this year, and the second phase set to begin in early 2024.
The factory consists of four buildings and a modern testing facility, and Xiaomi aims to produce up to 150,000 vehicles annually, as per the published reports.
It’s worth noting that the factory has already passed inspection in June of last year, and Xiaomi’s vehicle has been spotted undergoing multiple road tests in different weather conditions, the factory currently operates in a quiet atmosphere with minimal employee activities and low construction noise.
Xiaomi CEO Lei Jun has expressed confidence in his company’s ability to operate the factory and start full-scale production of their highly anticipated electric vehicles by early 2024.
Xiaomi Group Chairman Lei Weibing has emphasized the company’s focus on the electric vehicle sector, indicating the company’s intention to increase investments in dedicated research and development.
In the long run, the Chinese company aims to become one of the top five vehicle manufacturers, similar to its achievements in the smartphone sector, and it has adopted a strategy to establish its own car factories.
Some tech companies like Apple and Sony have plans to develop their own smart cars in collaboration with global automotive manufacturers.
Xiaomi’s high hopes face fierce competition from well-established automotive companies that have been in the industry for many years, however, analysts expect smart cars to contribute approximately 5% of the company’s revenues by 2024.
