BEIJING -- Chinese electronics manufacturer Xiaomi Corp plans to build an automobile manufacturing plant in Beijing with an annual capacity of 300,000 vehicles.

The announcement was made at a contract signing ceremony on Saturday between the company and the management committee of the Beijing Economic-Technological Development Area.

According to the agreement, Xiaomi will set up business headquarters, sales headquarters, and R&D headquarters for the automobile manufacturing base in the Development Area.

The automobile factory will be constructed in two phases, with each having an annual production capacity of 150,000 vehicles. The first car is expected to roll off the production line in 2024.