Xiaomi plans for rapid EV expansion, targets Chinese market

Chinese consumer electronics company Xiaomi is ramping up its play for the electric vehicle (EV) market. On 29 July 2024, a filing published by the Beijing Municipal Commission of Planning and Natural Resources confirmed the company’s CN¥842m (US$116m) purchase of a 53-hectare plot of land in the capital, located a short distance away from another of its EV production facilities. The filing states that the land will be used for the “development of the high-end automobile and new energy intelligent vehicle industry.”