Lei Jun, the founder of Xiaomi, announced in 2021 that the group will enter the smart electric vehicle market and plans to invest US$10 billion in the project in the next 10 years.
Lei Jun even set a goal for the project, and the first batch of Xiaomi electric vehicles will be put into production in the first half of 2024. Xiaomi recently took a big step closer to that goal when they got the green light from China’s National Development and Reform Commission.
Some Chinese media reported that the National Development and Reform Commission recently issued an approval to Xiaomi, allowing them to produce 100,000 electric vehicles per year.
The National Development and Reform Commission has the final decision on new investors joining the auto industry. This decision is a very important step for Xiaomi, which started out as a manufacturer of telecommunications technology products. This is also the fourth company to obtain this qualification after the end of 2017.
Although it has obtained the production license from the National Development and Reform Commission, Xiaomi’s electric vehicles still need to pass the strict evaluation and approval of relevant technical and safety standards by China’s industry and information technology departments before they can be launched in the Chinese market.
At this stage, Xiaomi has obtained approval for an annual production of 100,000 units, but their Beijing plant is said to be able to produce 200,000 electric vehicles per year, which means that the capacity of the plant has not yet been fully exhausted.