Xiaomi Secures Land for Phase 3 EV Plant Expansion in Beijing
Xiaomi has officially secured approval from Beijing city authorities to establish a new smart connected car and components facility, marking the Phase 3 expansion of its electric vehicle manufacturing operations. The company acquired a 50-year lease for a 485,134 square meter plot located on the outskirts of Beijing, adjacent to its existing Phase 2 plant, for RMB 635 million ($58 million). This strategic move coincides with Xiaomi's upcoming launch of its second vehicle model, the YU7 crossover, and the imminent completion of Phase 2 construction later this month. Upon full operationalization, these developments will boost Xiaomi's total annual manufacturing capacity to 300,000 units. This expansion supports the consumer electronics giant's aggressive entry into the automotive sector, where it has set a sales target of 350,000 units for the current year. The acquisition underscores Xiaomi's commitment to scaling its production capabilities to meet growing demand for its electric vehicles, transitioning from a tech hardware manufacturer to a significant player in the global EV market.
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Xiaomi Secures Land for Phase 3 EV Plant Expansion in Beijing
Xiaomi has officially secured approval from Beijing city authorities to establish a new smart connected car and components facility, marking the Phase 3 expansion of its electric vehicle manufacturing operations. The company acquired a 50-year lease for a 485,134 square meter plot located on the outskirts of Beijing, adjacent to its existing Phase 2 plant, for RMB 635 million ($58 million). This strategic move coincides with Xiaomi's upcoming launch of its second vehicle model, the YU7 crossover, and the imminent completion of Phase 2 construction later this month. Upon full operationalization, these developments will boost Xiaomi's total annual manufacturing capacity to 300,000 units. This expansion supports the consumer electronics giant's aggressive entry into the automotive sector, where it has set a sales target of 350,000 units for the current year. The acquisition underscores Xiaomi's commitment to scaling its production capabilities to meet growing demand for its electric vehicles, transitioning from a tech hardware manufacturer to a significant player in the global EV market.
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