Xiaomi unit wins land tender in Beijing for EV manufacturing

A unit of Chinese technology company Xiaomi won a land tender in Beijing's Yizhuang area with a bid of 635 million yuan ($88 million) on Thursday, according to the municipal planning and natural resources commission.

The site with an area of 485,134 square metres will be used for a smart connected car and components project, the commission's website said. The tender for the 50-year land deal began on June 5.

($1 = 7.1869 Chinese yuan renminbi)