Xiaomi's phase 2 EV plant is expected to complete construction of the main structure by the end of this year and is scheduled to be fully built by June 15 next year, according to local media.

Xiaomi (HKG: 1810, OTCMKTS: XIACY) is accelerating construction of the second phase of its electric vehicle (EV) factory in Beijing, after starting double-shift production at the first phase.

Construction workers at the second phase of the plant are working double shifts, with people working both during the day and at night, local media outlet National Business Daily said in a report yesterday, citing several workers at the construction site.

The morning shift is from 6.30 am to about 6.30 pm, while the evening shift runs from 6 pm to 2 am, one worker said.

Construction of the plant's main structure is expected to be completed by the end of this year and the whole construction project is scheduled to be finished by June 15 next year, the report said, citing a person familiar with the matter.

The phase 2 plant is just a road away from the phase 1 plant, with the road also being expanded, according to the report.

Xiaomi announced in a Hong Kong Stock Exchange announcement on March 30, 2021, that it planned to set up a wholly-owned subsidiary for its smart EV business. This marked its official announcement of its entry into car building.

At the end of November 2021, Xiaomi signed a contract with the authorities in Yizhuang, Beijing, where it would build a car factory with an annual production capacity of 300,000 vehicles.

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

On March 28 this year, Xiaomi's first EV model, the SU7, was officially launched, offering three variants -- Standard, Pro, and Max -- with starting prices of RMB 215,900 ($30,350), RMB 245,900, and RMB 299,900, respectively.

At the end of July, an affiliate of Xiaomi secured a plot of land in the Yizhuang Development Zone in southeastern Beijing for RMB 842 million in a bidding, according to an announcement from the local natural resources authority.

The site is located to the east of Xiaomi's existing EV factory and is planned for a smart car and parts manufacturing project. It's seen as a site for the second phase of the factory.

Xiaomi's car-making arm, Xiaomi EV, is planning to launch three new models over the next three years, and multiple reports suggest they could be related to SUVs, the National Business Daily report today noted.

The Xiaomi EV factory opened double-shift car production in June and performed production line tuning and maintenance in July, Xiaomi said in its second-quarter earnings report on May 23.

Xiaomi expected to meet its cumulative SU7 series delivery target of 100,000 units in November ahead of schedule, and the company would challenge a new target of 120,000 units delivered for the full year in 2024, it said.

The Xiaomi EV plant would continue to ramp up production capacity in October, with a production target of 20,000 units in a single month, Xiaomi EV said on October 1 on Weibo.

SU7 deliveries exceeded 10,000 units in September, seeing deliveries exceed 10,000 units for the fourth consecutive month, Xiaomi EV said at the time, without announcing specific numbers.

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