Consumer electronics brand Xiaomi will set up an electric car manufacturing plant and establish its auto unit headquarters in the Beijing Economic and Technological Development Zone, according to a statement published by authorities in the capital on Saturday. The factory will have a production capacity of 300,000 vehicles with mass production scheduled for 2024, local authorities said. The Chinese smartphone giant has backed a slew of car-related startups this year as part of its RMB 10 billion ($1.52 billion) investment plan to build a complete auto supply chain. [Beijing E-Town statement, in Chinese]