Xiaomi to produce 300,000 EVs a year in new Beijing factory starting in 2024

[jsilva]

In context: Following Tesla's success in the EV segment, many car manufacturers are developing their own electric vehicles to get a share of this multi-million dollar market. However, they aren't alone, as consumer electronics companies like Xiaomi are also trying to grab a piece of the pie, investing about $1.5 billion over 10 years in a subsidiary dedicated to the production of EVs.

The investment was confirmed in March. The Chinese company has since made some progress towards its objective, namely acquiring autonomous driving startup DeepMotion for around $77.3 million.

Now, it seems the Chinese giant is focusing on buying land to build a new plant to produce its EVs. Per the latest reports, Xiaomi will build a plant in Beijing, China, responsible for manufacturing 300,000 vehicles per year, but production won't start until 2024. This plant is set to be located in the Beijing economic and technological development zone (Beijing E-town), an area backed by the local municipal government.

Besides the new plant, Xiaomi will also establish the EV subsidiary's headquarters, sales, and research offices in Beijing, using the city as the center for its EV operation.

The 2019 Xiaomi Redmi SUV, a modified version of the Bestune T77 SUV, was the first car announced by the Chinese electronics giant

Alongside the subsidiary, Xiaomi will be opening thousands of phone stores throughout China, which will also be used to sell its upcoming electric vehicles. Offering EVs at phone stores will provide an immediate selling point for interested customers.

Xiaomi isn't the only consumer electronics company interested in entering the EV market. Sources claim Apple is still interested in developing its own EV with self-driving capabilities, but don't get your hopes up to see one anytime soon, as rumors claim the first models are still about four years away.

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https://www.techspot.com/news/92411-xiaomi-produce-300000-evs-year-new-beijing-factory.html

 

[zanic]

That's 820 car/day, can they make that many without cutting corners

 

[QuantumPhysics]

EV stocks are on the ground floor

 

[Neatfeatguy]

That's 820 car/day, can they make that many without cutting corners

Nope, too many chip shortages. I also doubt that raw materials will be able to keep up with demand on building batteries for them and all other manufacturers that want to get their EV on the market.

The batteries take a lot of coal burning power to produce a finished product. Which, in return, if the batteries aren't made in an efficient way to easily recycle them this will produce a lot more environmental waste as raw materials are collected from them (read up on how batteries are currently "recycled").....

It feels like a big scam right now to cash in early before people start crying that batteries are being dumped and toxic metals/chemicals are seeping into the ocean/land. Also, electrical grids are not ready to have thousands upon thousands of vehicles constantly being charged.....it'll be a nightmare.

 

[batailleuse]

In all honesty most EV manufacturing in china is about scamming the government subsidies, there are tons of area with hundreds of thousands EV cars rotting (they got insurance and plates) but no one uses them.

also, I dont know why Chinese companies tends to go into area that have no relation whatsoever to their core business, then crash and burn.

several gigantic conglomerates in china went bankrupt in the last 2 years.

Xiaomi really should stick with smartphone and (smart) home appliance, they are good at it.

 

[wiyosaya]

Who knew that Jetson's cars had become reality. Why you can now buy one of this in a smartphone store, fold it, put it in your pocket (or suitcase) and walk out the door with it.

 

[kiwigraeme]

I'm still waiting for the electric dinky bubble carts for city centres - with in road tracking and self drive .
I mean really ban all but service vehicles from Manhattan - step out of the subway, GCS - hop in a bubble cart ( roof down on sunny , calm days ) - and glide to your destination ( yes 360 degree motion )- they only need to go 30kph/20mph - and would still be faster than now .
Big soft 360 bumpers
Some with hydraulic seats for impaired /overweight/bad knees/hips etc - as would be low to ground

 

[Puiu]

In all honesty most EV manufacturing in china is about scamming the government subsidies, there are tons of area with hundreds of thousands EV cars rotting (they got insurance and plates) but no one uses them.

also, I dont know why Chinese companies tends to go into area that have no relation whatsoever to their core business, then crash and burn.

several gigantic conglomerates in china went bankrupt in the last 2 years.

Xiaomi really should stick with smartphone and (smart) home appliance, they are good at it.

They are just taking existing car models and existing parts and creating a new EV car from them. They already have the electronics logistics secured and electric engines are easier to build than normal car engines. They can definitely build cars for China.

 

[batailleuse]

They are just taking existing car models and existing parts and creating a new EV car from them. They already have the electronics logistics secured and electric engines are easier to build than normal car engines. They can definitely build cars for China.

its not whether they can or not, china has every single large company and their mom starting EV business, some already failed.

there is already more than enough EV manufacturer around in china. the point is that making EV is not their core business, so its most likely not going to be any good.

and like I said, EV business in china for a not so minor part is basically a money-making scam for the manufacturer, build cheap *** EV, register them at DMV and insure them, then forget about them in God forsaken hills.

there're places with literally hundreds of thousands unused and rotting cars just to grab the state sponsor for cars.

 

[Puiu]

its not whether they can or not, china has every single large company and their mom starting EV business, some already failed.

there is already more than enough EV manufacturer around in china. the point is that making EV is not their core business, so its most likely not going to be any good.

and like I said, EV business in china for a not so minor part is basically a money-making scam for the manufacturer, build cheap *** EV, register them at DMV and insure them, then forget about them in God forsaken hills.

there're places with literally hundreds of thousands unused and rotting cars just to grab the state sponsor for cars.

I don't care that they won't make high end EV cars (Xiaomi generally sticks to value products anyway). Any competitor right now is a good competitor.