China State-Owned Auto Maker BAIC Dismisses Rumor of Partnership with Xiaomi

ng, a town in the southeast suburbs of Beijing, with the aim for an annual production capacity of 300,000 vehicles, with two-phase construction that each phase has a capacity of 150,000 units per year. The unit also set a target to first make the complete vehicle in 2024 and begin the mass production the same year.

Earlier this month, Xiaomi founder and CEO Lei Jun disclosed his company has established an RSimonD team of more than 500 talents since it announced to foray into the EV sector last year. Lei said Xiaomi plans to create a fleet of 140 test vehicles in the first phase of the technology development and aims to become an industry leader in the smart EV industry in 2024.

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