Xiaomi received a $116 million investment for electric car production!

Xiaomi, which made a rapid entry into the electric car market, decided to expand the business after its success. The company, which purchased a land worth 116 million dollars in China today, will continue its electric car production in the facility it will establish there.

Xiaomi will now produce on the 131 decare land it purchased in Beijing!

While sales of electric cars are constantly decreasing in Europe, the situation is exactly the opposite in China. Xiaomi, which wants to expand its business in China, the region where electric cars are currently most in demand, has purchased a new field. The company, which has made a name for itself with its new investment of 116 million dollars, will now produce electric cars here.

According to the files published by the Beijing Municipal Planning and Natural Resources Commission, Xiaomi Jingxi Technology Ltd. The company bought 131 acres of land in Beijing. Xiaomi, which paid 116 million dollars for this field, stated that the region will be used for the “development of high-end electric car and smart vehicle production”.

The company, which achieved success with the SU7 model it introduced in March, then announced that it would invest 10 billion dollars to gain power in the EV market. Apparently, the first step of this investment is this new facility to be established in Beijing. Xiaomi, which reported that it had delivered more than 30 thousand vehicles at the beginning of this month, thinks that it will achieve its target of selling 100 thousand electric cars in November 2024. In this case, the company, which cannot even keep up with the orders, sees that expanding the facility is the most beneficial solution.

Unlike the model currently on the market Tesla Xiaomi, which plans to produce its new model with a Model Y-like design at the beginning of 2025, will probably build its new electric car in the new field it purchased in Beijing. In this way, the Chinese technology giant, which plans to increase its annual production capacity to 150 thousand in 2025, will get a large share of the increasing automobile sales in China.