In context: Following Tesla's success in the EV segment, many car manufacturers are developing their own electric vehicles to get a share of this multi-million dollar market. However, they aren't alone, as consumer electronics companies like Xiaomi are also trying to grab a piece of the pie, investing about $1.5 billion over 10 years in a subsidiary dedicated to the production of EVs.

The investment was confirmed in March. The Chinese company has since made some progress towards its objective, namely acquiring autonomous driving startup DeepMotion for around $77.3 million.

Now, it seems the Chinese giant is focusing on buying land to build a new plant to produce its EVs. Per the latest reports, Xiaomi will build a plant in Beijing, China, responsible for manufacturing 300,000 vehicles per year, but production won't start until 2024. This plant is set to be located in the Beijing economic and technological development zone (Beijing E-town), an area backed by the local municipal government.

Besides the new plant, Xiaomi will also establish the EV subsidiary's headquarters, sales, and research offices in Beijing, using the city as the center for its EV operation.

Alongside the subsidiary, Xiaomi will be opening thousands of phone stores throughout China, which will also be used to sell its upcoming electric vehicles. Offering EVs at phone stores will provide an immediate selling point for interested customers.

Xiaomi isn't the only consumer electronics company interested in entering the EV market. Sources claim Apple is still interested in developing its own EV with self-driving capabilities, but don't get your hopes up to see one anytime soon, as rumors claim the first models are still about four years away.