(Yicai) Sept. 9 -- Dreame Technology, a leading Chinese manufacturer of robotic vacuum cleaners, will build its automotive factory in Germany next to Tesla’s factory in Berlin.

The site was selected by a team led by Dreame’s founder and Chief Executive Officer Yu Hao that the company had sent to Germany, Yicai learned. The automotive division will partner with French banking group BNP Paribas to prepare for its entry into the global market.

The Suzhou-based company announced it would foray into the automotive sector on Aug. 28. It later revealed it will unveil its first ultra-luxury electric vehicle model in 2027 to compete with the Bugatti Veyron.

During the visit to Germany, Dreame’s team also inspected potential sites for an intelligent production base for large home appliances.

Dreame’s revenue doubled to CNY15 billion (USD2.1 billion) last year from the year before, but its profit margin fell to 42.3 percent from 48.7 percent in the period.

The firm had over 2,000 employees last year, 70 percent of whom were research and development personnel. As of Dec. 31, Dreame had filed for 6,379 patents globally, 45 percent of which covered core areas for intelligent vehicles, including sensor fusion, motor control, and human-computer interaction.

Editor: Futura Costaglione