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Chinese smartphone maker, Xiaomi Corp.’s auto unit in Beijing will have an annual production capacity of 300,000 cars, the China Securities Journal reported. China’s largest smartphone maker on Saturday signed a contract with Beijing Economic-Technological Development Area, with its auto plant to be built in two phases, each having a capacity of 150,000 cars, the report said. 

Xiaomi has pledged to invest $10 billion in the EV business over the next decade, joining a market that’s already crowded with players from Tesla Inc. to local firms such as Nio Inc. and Xpeng Inc. The company said earlier it plans to start mass production of EVs in the first half of 2024.

Xiaomi has decided to venture into electric vehicle space and cater to the growing demand across China and India. Xiaomi is believed to launch electric cars, electric scooters and electric motorcycles by 2024.

Till now, Xiaomi has been a disruptor in the smartphone business bringing cost-effective smartphones. The Chinese maker also manufactures Smart TV, wearables, earphobnes, and other IoT products.

Xiaomi also has Redmi and POCO sub-brands to sell smartphones. It is among top two smartphone sellers in the country.

This story has been published from a wire agency feed without modifications to the text.

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