Chinese language smartphone maker, Xiaomi Corp.’s auto unit in Beijing could have an annual manufacturing capability of 300,000 vehicles, the China Securities Journal reported. China’s largest smartphone maker on Saturday signed a contract with Beijing Financial-Technological Improvement Space, with its auto plant to be inbuilt two phases, every having a capability of 150,000 vehicles, the report mentioned.
Xiaomi has pledged to take a position $10 billion within the EV enterprise over the subsequent decade, becoming a member of a market that’s already crowded with gamers from Tesla Inc. to native companies reminiscent of Nio Inc. and Xpeng Inc. The corporate mentioned earlier it plans to begin mass manufacturing of EVs within the first half of 2024.
Xiaomi has determined to enterprise into electrical car house and cater to the rising demand throughout China and India. Xiaomi is believed to launch electrical vehicles, electrical scooters and electrical bikes by 2024.
Until now, Xiaomi has been a disruptor within the smartphone enterprise bringing cost-effective smartphones. The Chinese language maker additionally manufactures Good TV, wearables, earphobnes, and different IoT merchandise.
Xiaomi additionally has Redmi and POCO sub-brands to promote smartphones. It’s amongst prime two smartphone sellers within the nation.
This story has been printed from a wire company feed with out modifications to the textual content.
Supply: Live Mint