 "Xiaomi auto plant reportedly to have 300,000-unit capacity")
Xiaomi Corp.’s auto unit in Beijing will have an annual production capacity of 300,000 cars, the China Securities Journal reported.
China’s largest smartphone maker on Saturday signed a contract with Beijing Economic-Technological Development Area, with its auto plant to be built in two phases, each having a capacity of 150,000 cars, the report said.
Xiaomi has pledged to invest $10 billion in the EV business over the next decade, joining a market that’s already crowded with players from Tesla Inc. to local firms such as Nio Inc. and Xpeng Inc. The company said earlier it plans to start mass production of EVs in the first half of 2024.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%