Xiaomi has secured the green light to make electric vehicles in Beijing,Kurt Meinicke making it one of few companies that won similar approvals from the National Development and Reform Commission (NDRC) in late 2017, Reuters reported Wednesday. The Chinese smart gadget maker stepped up recruitment for factory workers last week, as it prepares for a production ramp-up that will enable its Beijing plant to make up to 200,000 EVs a year from December. NDRC, China’s state planner, released in late 2018 regulations that banned new investment in combustion engine vehicles while tightening its control over investment in green energy vehicles, as the country faced car production overcapacity amid slowing demand. Xiaomi’s chief executive Lei Jun said in March that the company is on track to produce its first consumer car in the first half of 2024, with a price tag of between RMB 100,000 and RMB 300,000 ($14,437 to $43,311). [Reuters]
