Beijing (ZXZC)- Beijing Economic-Technological Development Area, also called E-Town announced on November 27th that Xiaomi EV has officially sealed the deal of setting up its headquarters in the area.

Signing ceremony; photo credit: E-Town

According to the contract, Xiaomi will construct a headquarter base, a sales base, an R&D base, and a vehicle manufacturing plant in E-Town. The manufacturing plant will be built in two phases with a designed production capacity of 150,000 vehicles each, which sums up to a total production capacity of 300,000 vehicles annually.

The company’s previous plan of rolling off its first car in 2024 and starting mass-production simultaneously remained on track.

Moreover, a week before this announcement, Xiaomi had set up Xiaomi Automobile Technology Co., Ltd. with a registered capital of RMB1 billion ($156.56 million). The new company is licensed to operate in various areas, including new energy vehicle manufacturing, vehicle and auto parts R&D, intelligent onboard equipment manufacturing, lithium-ion battery manufacturing, auto sales and so on. 

Last week, Xiaomi disclosed that its automaking team has expanded to over 500 people.

According to its announcement in October, Xiaomi EV has tried to spike recruitment with the promise of stock incentives accounting for 10% of the company’s total shares.