Xiaomi is set to establish a smart connected car and components facility on an area of 485,134 square meters (120 acres) on the outskirts of Beijing in a move to build the Phase 3 portion of its electric vehicle manufacturing facility. Beijing’s city authorities said on Thursday they had approved Xiaomi’s application for a 50-year lease of the land, right next to the Phase 2 of its existing car plant in the Chinese capital, at the cost of RMB 635 million ($58 million). The news comes as Xiaomi is about to launch its second model, the YU7 crossover, and set to complete the construction of the Phase 2 portion of its facility later this month. This will allow the consumer electronics giant-turned-automaker to have a total manufacturing capacity of 300,000 units annually, although it has set a target of achieving 350,000 units in sales this year. [TechNode reporting, Reuters]Related