The growth in demand for electric cars is increasingly attracting companies that have never been involved in this type of business. After Apple and Huawei, another company is entering the world of electric car manufacturers. It is the Chinese company Xiaomi that will produce electric cars in its own plant.

According to a Chinese media report, the first Xiaomi electric car could hit the market soon. Engineering work has been completed, while vehicle software integration is progressing rapidly and will be completed by mid-October. Although there were rumors that the car would be manufactured at the BAIC Group facility and that the Chinese company would work with OEMs, this is not going to happen.

Xiaomi plans to invest 10 billion dollars in this project over the next ten years, so there will be no shortage of money for the factory. The new factory will have a capacity of 300,000 vehicles per year. In the first year, it is planned to produce half of the capacity, and the goal is for the first cars to reach their owners in 2024.

Last year, the company signed a contract to build a headquarters and research and development center in Yizhuang. According to some information, a plant for future cars will also be built there.

Source: Xiaomi