On November 27, Xiaomi signed a cooperation agreement with the Beijing Economic-Technological Development Area Management Committee, and announced plans to establish a Xiaomi Auto factory there.
Zone officials indicated that the Xiaomi Smart Car Project includes Xiaomi Auto’s main headquarters, sales headquarters and R&D headquarters, and that the firm will build a complete vehicle factory with an annual output of 300,000 vehicles in two phases. Specifically, the production capacity of Phase I and Phase II is 150,000 vehicles respectively, and the cumulative annual output of Phase I and Phase II totals 300,000 vehicles. It is expected that the first batch of vehicles will be delivered and realize mass production in 2024.
On November 23, Xiaomi said in its Q3 financial report that the Xiaomi Auto Project is progressing smoothly, and has over 500 team members. Earlier, on October 19, at the 2021 Group Annual Investor Conference held by Xiaomi, founder Lei Jun announced plans to locate Xiaomi Auto’s first factory in Yizhuang, Beijing.
An important reason why Xiaomi chose Yizhuang in Beijing is that it is also the base camp of the Xiaomi Smart Factory, and also the main area selected by Beijing in developing into an international sci-tech innovation center and the main front for high-tech industries.
After nearly 30 years of development and construction, the Beijing Economic-Technological Development Area has established four leading industries, namely, new generation information technology, high-end automobiles and new energy smart cars, biotechnology and great health, robotics and intelligent manufacturing. It features a development pattern of high-tech industries based on emerging industries.
In the first three quarters of this year, the regional GDP of the Beijing Economic-Technological Development Area totaled 193.48 billion yuan ($30.3 billion), up 38.8% year-on-year, and the total industrial output value has reached 424.36 billion yuan, up 32% year-on-year. Among them, the total industrial output value of the four leading industries is 403.74 billion yuan, accounting for more than 95% of the total industrial output value.