Xiaomi is building the second phase of its Beijing plant, which has a combined capacity of 300,000 vehicles with the first phase of the plant.

Xiaomi (HKG: 1810, OTCMKTS: XIACY) has delivered more than 135,000 vehicles in 2024 and is targeting 300,000 in 2025, Lei Jun, the smartphone maker's founder, chairman, and CEO, said in a live video today.

As of now, the company's EV arm, Xiaomi EV, has opened 200 stores in 58 cities, Lei said.

On December 28, as its first model, the SU7, was a year away from being unveiled, Xiaomi said SU7 deliveries for this year had exceeded 130,000, completing all targets for 2024 ahead of schedule.

In the new year, Xiaomi EV's factory will continue to ramp up production and accelerate deliveries, the company said earlier this week.

Xiaomi officially announced its entry into car building on March 30, 2021, and had the SU7 unveiled on December 28, 2023.

Xiaomi EV launched the SU7 on March 28, 2024, offering three versions -- Standard, Pro, and Max -- with starting prices of RMB 215,900 ($29,580), RMB 245,900, and RMB 299,900, respectively.

Deliveries of the Standard and Max versions of the SU7 begin in April, and deliveries of the SU7 Pro begin in May.

At the end of November 2021, Xiaomi signed a deal with the authorities in Yizhuang, Beijing, in order to build a 300,000-unit-a-year car factory there.

The plant would be built in two phases, with the first and second phases having an annual capacity of 150,000 vehicles each, according to an announcement at the time.

On October 24, local media outlet National Business Daily reported that Xiaomi was accelerating the construction of the second phase of the plant, with construction workers working double shifts.

Construction of the second phase of the factory was expected to be completed by the end of 2024 for the main structure and was scheduled to be completed by on June 15, 2025, the report said, citing a person familiar with the matter.

The phase two plant is just a road away from the phase one plant, which was also being expanded, according to the report.

Xiaomi EV's already announced plans for new model launches include the more powerful SU7 Ultra, as well as its first SUV (sport utility vehicle) model, the YU7.

Xiaomi announced on October 29 that the SU7 Ultra became available for pre-sales in China at a price of RMB 814,900, nearly four times the regular SU7's RMB 215,900 starting price.

The official launch of the SU7 Ultra will be in March 2025, the phone maker said on October 29.

On December 9, Xiaomi announced that it named its second EV model the YU7, with a launch expected in June or July next year.

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