Beijing E-Town said it expected the plant to reach mass production in 2024, a goal announced by Xiaomi Chief Executive Lei Jun in October. In March, Xiaomi said it would commit to investing $ 10 billion in a new electric car division for 10 years. The company completed the commercial registration of its vehicle unit in late August. The company has been opening thousands of stores to stimulate domestic sales growth for its smartphone business, but over time it intends to use them as a channel to sell electric vehicles.