Xiaomi advances electric car venture
Print Edition
Chinese smartphone giant Xiaomi Corp said yesterday it has completed the official business registration of its electric vehicle unit, marking the latest milestone in its push into the automotive sector.
Lei Jun, founder, chairman and CEO of Xiaomi, will head Xiaomi EV.
Xiaomi, the world’s second-largest smartphone brand, called it a company milestone.
Over the next decade, Xiaomi will invest US$10 billion in its EV business, with an initial investment of 10 billion yuan, according to Lei, who is also the EV legal representative.
Xiaomi EV team has over 300 employees and is still recruiting.
In recent months, Xiaomi has received over 20,000 job applications.
The Xiaomi EV team has conducted user research and industry chain inspections, with more than 2,000 interview surveys and visits to more than 10 industry peers and partners.
With its entry into the EV market, the company hopes to revitalize the automotive industry and develop its potential to connect devices and electric cars.
Last month, Xiaomi announced the acquisition of an autonomous driving technology company, Deepmotion Tech, in a deal valued at US$77.4 million.
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