Xiaomi announced earlier this year that it plans on stepping into the electric vehicle arena, but the Chinese techmaker already has some pretty hefty ambitions. Or delusions of grandeur, depending on how you look at a glass of water. Regardless, Reuters reports that the company’s upcoming EV factory, which will be located in Beijing, should be able to produce 300,000 vehicles a year.
Xiaomi oh my
Chinese economic agency Beijing E-Town confirmed to Reuters that Xiaomi would be setting up shop in Beijing and should be pumping out EVs at 300,000 cars a year by 2024. Furthermore, Xiaomi will also plant its EV headquarters, research and sale divisions in the Chinese capital.
We’re still not entirely sure what Xiaomi’s long or short-term EV plans really are, but it’s clear that the company’s ready to commit. Back in April it announced that it was ready to spend $10 billion over 10 years towards EV development, and got things moving with an initial financial injection to the tune of $1.5 billion. Clearly the wheels are starting to turn.
The 300,000 vehicles a year target isn’t just a lofty ambition for Xiaomi. It also confirms that the company plans on becoming a major player in the EV market, not just some local option. Xiaomi’s looking to compete with local and foreign giants alike, like Xpeng and Tesla.
It might take a minute for it to reach their levels of clout, but the light is clearly on and burning brightly. Personally, we’re just looking forward to seeing some form of archetypical Xiaomi fast-charger, but for EVs.