Xiaomi Invests $116M in Beijing Land to Boost EV Production

The tech giant aims to solidify its presence in the electric vehicle market with plans for a new SUV and expanded factory capacity.

Xiaomi has acquired a 53-hectare plot in Beijing for $116 million to expand its EV production capabilities.
The purchase supports CEO Lei Jun's $10 billion strategy to become a major player in the EV industry.
Xiaomi's debut sedan has already seen early success, with the company on track to meet its 2024 sales goal of 100,000 vehicles by November.
Phase two of Xiaomi's car factory, set to be completed by 2025, will increase annual production capacity to 150,000 cars.
China's broader EV market faces challenges, including reduced subsidies and slowing demand, affecting competitors like XPeng and Li Auto.