On November 27, 2021, the Beijing Economic and Technological Development Zone Management Committee and the Chinese tech giant Xiaomi signed a cooperation agreement that announced that Xiaomi Motors will settle in the Beijing Economic and Technological Development Zone.
Earlier this week, Xiaomi shared its financial report that reveals that the company’s research and development department currently employs a total of 13,919 members and that more than 500 of these employees are working on the company’s car project. The number of employees in the company’s research and development department accounts for more than 44% of the total number of Xiaomi employees.
A few reports also show that Xiaomi Motors will build a vehicle plant in two phases as per the agreement with the management committee of the Beijing Economic and Technological Development Zone. Xiaomi is hoping that the new plant could manufacture 300,000 vehicles in its first year. In the second phase, the company hopes that the production capacity of the first and second phases will reach 150,000.
It was previously reported that Xiaomi motors will roll out its first-ever car in the year 2024 in the Beijing Economic and Technological Development Zone, and from there, the cars will go into mass production.
Xiaomi founder Lei Jun mentioned on October 19 that Xiaomi Motors had registered in Beijing on September 1. Moreover, Lei Jun also mentioned that the first factory of Xiaomi Motors will be located in Beijing. The plant has already received 20,000 resumes and has an on-the-job R&D team of a total of 453 people.
On the Investor Day, Lei Jun commented on how the production of Xiaomi cars is progressing, and that the team engaged with Xiaomi Motors has worked beyond expectation. Now that the progression is happening as was expected by the team, hopefully, Xiaomi will reach its goal of mass-producing the Xiaomi car in the first half of 2024.