According to the government, Xiaomi will open a car plant in Beijing that would produce 300,000 vehicles each year.

Authorities in Beijing announced on Saturday that Chinese smartphone giant Xiaomi will develop a plant in the capital that would be capable of producing 300,000 electric vehicles per year for its electric vehicle unit.

According to the government-backed economic development agency Beijing E-official Town’s WeChat account, the facility will be erected in two parts, and Xiaomi will also build its vehicle unit’s headquarters, sales, and research offices in the Beijing Economic and Technological Development Zone.

Xiaomi’s Chief Executive Lei Jun declared in October that the facility would reach commercial production in 2024. Beijing E-Town said it expected the plant to begin mass production in 2024.

Xiaomi announced in March that it would invest $10 billion (approximately Rs. 75,000 crores) over ten years in a new electric car segment. In late August, the corporation completed the business registration of its EV segment.

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Thousands of stores have been opened to boost domestic sales growth for the company’s smartphone business, but the corporation eventually aims to use these stores as a channel for its plans to sell electric automobiles.