Hyperdrive
Xiaomi Buys $116 Million Site in Beijing to Expand EV Production
- The 53-hectare plot is near Xiaomi’s existing EV plant
- Xiaomi to achieve EV sales target faster on strong demand
Xiaomi SU7 electric vehicles.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Chinese tech company Xiaomi Corp. has purchased a plot of land in Beijing for 842 million yuan ($116 million) to expand electric car production following the early success of its debut sedan.
The 53-hectare (131-acre) site is close by Xiaomi’s existing EV factory in the capital’s Yizhuang district, according to filings published by the Beijing Municipal Commission of Planning and Natural Resources. The land was bought by Xiaomi subsidiary Xiaomi Jingxi Technology Ltd. and will be used for the “development of the high-end automobile and new energy intelligent vehicle industry,” the filing said.