Xiaomi Commences Factory Construction in Beijing – Pandaily

According to Cailian Press, Chinese consumer electronics giant Xiaomi is stepping up its construction of factories. At present, a factory in Yizhuang, Beijing is under construction, where work is now underway for ground leveling, and about four out of ten have been completed.

Xiaomi formally signed a cooperation agreement with the Administrative Committee of the Beijing Economic and Technological Development Zone on November 27, 2021. According to the agreement, Xiaomi Auto will build a complete vehicle factory with an annual production capacity of 300,000 units in two phases, for which the production capacity of Phase I and Phase II is 150,000 vehicles each. In 2024, the first vehicle will reportedly roll off the assembly line and mass production will be realized.

On March 17, the Beijing Municipal Commission of Planning and Natural Resources issued an announcement regarding the bidding, auction and listing of the “YZ00-0606-0101” plot in Yizhuang Development Area, Beijing Economic and Technological Development Zone.

According to the announcement, the land will be supplied with electricity, roads, water supply, communication, drainage, gas and land leveling, and is intended for the construction of an intelligent manufacturing industrial base project. The land area is 718,046 square meters, with a total lease and concession period of 50 years. It will be traded at a starting price of 610,339,185 yuan ($95.8 million). Recently, Xiaomi Auto turned out to be the “prospective landowner” of the land.

SEE ALSO: Xiaomi Awards Nearly 175 Million Shares to Employees

In addition, Xiaomi has invested frequently in the automotive field throughout the past year or so. Changjiang Xiaomi Yangtze River Industry Fund and Shunwei Capital are important representatives of Xiaomi in its investment. According to incomplete statistics, since last year, Xiaomi-funded institutions have invested in about 40 companies across the automobile industry chain.

On February 25 this year, RoboSense, a Chinese lidar start-up, announced it had secured a new round of strategic financing. Although the specific amount was not disclosed, according to insiders of RoboSense, the funds exceeded 2.4 billion yuan, and Xiaomi joined in the investment round.