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    1810   KYG9830T1067

XIAOMI CORPORATION

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Xiaomi to open car plant in Beijing with annual output of 300,000 vehicles - Beijing govt

11/27/2021 | 03:49am EST
FILE PHOTO: The Xiaomi logo is seen at a Xiaomi shop in Shanghai

SHANGHAI (Reuters) - Chinese smartphone giant Xiaomi Corp will build a plant that can produce 300,000 vehicles annually in Beijing for its electric vehicle unit, authorities in the capital said on Saturday.

The plant will be constructed in two phases and Xiaomi will also built its auto unit's headquarters, sales and research offices in the Beijing Economic and Technological Development Zone, the government-backed economic development agency Beijing E-Town said on its official WeChat account.

Beijing E-Town said it anticipated the plant reaching mass production in 2024, a goal announced by Xiaomi's Chief Executive Lei Jun in October.

In March, Xiaomi said it would commit to investing $10 billion in a new electric car division over 10 years. The company completed the business registration of its EV unit in late August.

The company has been opening thousands of stores to spur domestic sales growth for its smartphone business but eventually intends to use these shops as a channel for its plans to sell electric vehicles.

(Reporting by Brenda Goh; Editing by William Mallard)


ę Reuters 2021
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Analyst Recommendations on XIAOMI CORPORATION
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Financials
Sales 2021 324 B 51 127 M 51 127 M
Net income 2021 21 491 M 3 391 M 3 391 M
Net cash 2021 64 399 M 10 160 M 10 160 M
P/E ratio 2021 18,1x
Yield 2021 -
Capitalization 383 B 60 383 M 60 382 M
EV / Sales 2021 0,98x
EV / Sales 2022 0,76x
Nbr of Employees 26 110
Free-Float -
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Mean consensus BUY
Number of Analysts 35
Last Close Price 15,40 CNY
Average target price 22,45 CNY
Spread / Average Target 45,8%
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Managers and Directors
Jun Lei Chairman & Chief Executive Officer
Xiang Wang President
Alain Lam Chief Financial Officer
Yan Qi SVP-Internal Operations & Public Affairs
Dong Sheng Chen Independent Non-Executive Director
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