China based designer and manufacturer of consumer electronics Xiaomi Corp. (HK: 1810) says that it will be building an electric vehicle plant with annual production capacity of 300,000 electric vehicles. The company made this announcement during the past weekend.
According to the announcement, this plant will be constructed in two phases, the company will also build headquarters of its electric vehicle unit, sales and research offices in Beijing Economic and Technological Development Zone.
Through its WeChat account, Beijing E-Town, also made this announcement further revealing that it will be a government-backed development agency. Additionally, Beijing E-Town said that it’s expecting the plant to be mass producing by the year 2024.
Back in March, the company declared that it would be committing a $10 billion investment to its upcoming electric vehicle unit, this investment will be spread in a 10 years duration. Xiaomi finalized registration of its EV unit in August.