The global company Xiaomi has announced that it will invest 10 billion dollars in the automotive industry in the next 10 years. It is part of the big plan of the global giant, which will present its first electric vehicle prototype next month.

The company announced the news about entering the market of car manufacturers last year. The car will be developed by Xiaomi in cooperation with the company HVST Automobile Design, which signs with the Maven thread of the WM Motor company.

The Chinese company is currently building a research and development center in Yizhuang, and the first cars should leave the production lines in 2024. Until then, the car will undergo various tests. Currently, 1,000 employees are working on the development of the car.

Initially, the factory will have a capacity of 150,000 vehicles per year. At full capacity, the company expects to be able to produce 300,000 vehicles per year. In addition to this electric concept, Xiaomi plans to produce four different models that will find their places in the A+ and B segments.

Source: Xiaomi