- Xiaomi began building a second factory on a 53-hectare site in Beijing last year, and the latest expansion will see the plant occupy an adjacent plot of about 52 hectares, according to Bloomberg.
- Xiaomi yesterday raised its 2025 vehicle delivery target to 350,000 units from 300,000 units previously.
Xiaomi (HKG: 1810, OTCMKTS: XIACY) is expanding its planned second electric vehicle (EV) factory in Beijing, Bloomberg said in a report today, citing a person familiar with the matter.
The company last year began construction of its second EV plant on a 53-hectare site in Beijing's Yizhuang district, which it purchased for RMB 842 million yuan ($116 million), the report noted, adding that the plant is set to start production in the middle of this year.
The latest expansion will see the plant occupy an adjacent plot of land of about 52 hectares, the person familiar with the matter said.
The report did not mention anything more about the expansion.
Earlier this month, Beijing's land authorities unveiled plans for a plot of land about 52 hectares in size adjacent to Xiaomi's EV factory, and there was speculation at the time that the site was expected to be used for the third phase of the Xiaomi EV factory.
Yesterday, Xiaomi founder, chairman and CEO Lei Jun announced on Weibo that the company raised its vehicle delivery target to 350,000 units for the full year of 2025, saying it had made some progress in ramping up capacity at the plant.
The latest target is up 50,000 units, or 16.67 percent, from Xiaomi EV's previous target of 300,000 units.
Xiaomi officially launched the SU7 electric sedan on March 28, 2024, a competitor to Tesla's (NASDAQ: TSLA) Model 3.
On February 27, Xiaomi officially launched the SU7 Ultra, the company's electric sedan with 1,548 Ps of maximum horsepower based on the regular version of the SU7.
The regular version of the SU7 garnered over 248,000 locked-in orders in 2024, with cumulative deliveries of 136,854 units last year, according to data previously announced by Xiaomi.
As a model that has been on the market for a year now, the SU7 still maintains strong demand, and Chinese customers who buy the regular version of the SU7 now will have to wait at least 30 weeks for delivery, according to CnEVPost's monitoring.
Xiaomi's car factory is located in Beijing, where it is headquartered, and the first phase currently in operation has an annual capacity of 150,000 units.
In July last year, a Xiaomi affiliate acquired a new plot of land in the area where the existing factory is located for RMB 842 million, and construction of the phase 2 EV plant began the same month.
In addition to the SU7 and SU7 Ultra, Xiaomi is expected to launch the YU7, an electric SUV (sport utility vehicle) that will compete with Tesla's Model Y, in June or July.
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