(Nov 27): 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 US$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.

Source: The Edge Markets November 27, 2021 12:53 UTC