Xiaomi has announced that it will establish an electric car factory in Beijing with an annual production capacity of 300 vehicles. Construction of the factory will take place in two phases, and the sales and research office of the company's automobile unit will also be located here.
Xiaomi pledged in March to invest $10 billion over 10 years in its new electric car subsidiary. The application procedure for the company's electric car subsidiary was completed in August.
Companies such as Apple and Foxconn have also announced that they will produce electric vehicles, with expectations that increasing climate change concerns will fuel the demand for electric vehicles.