Xiaomi Automotive recently signed a contract with a committee from the Beijing Economic-Technological Development Area to establish its entire automotive business in the suburb of Yizhuang. With a goal to put its first EV on roads in 2024, Xiaomi will establish its headquarters, R&D, and manufacturing on the site that will be constructed in two phases.
Xiaomi Automotive is a relatively new company that was formed out of the much larger consumer electronics company, Xiaomi Communications Co. – the third largest smartphone producer in the world.
Last March, we shared the news that Xiaomi Communications Co. was reportedly looking to enter the growing EV market with its own brand of electric cars. At the time, there were rumors that fellow Chinese company Great Wall Motors would offer consulting for the engineering process to speed up Xiaomi’s EV project.
This past September, the mega-manufacturer confirmed its new entry into EVs by officially establishing industrial and commercial registration in China as Xiaomi Automotive Co. Ltd. With a team of 300 employees in place at the time, Xiaomi Group founder, chairman, and CEO Lei Jun announced Xiaomi Automobile had successfully registered with capital of 10 billion yuan (~$1.55 billion).
At the time of its registration announcement, Xiaomi was reportedly still looking for an EV production partner. The search included 85 industry visits, in addition to extensive meetings with more than 200 automotive industry veterans from companies like BYD, Great Wall Motor, Wuling Motors, and SAIC.
Now, it appears Xiaomi is going to tackle EV production on its own, with the help of the Beijing Economic and Technological Development Zone.