Chinese smartphone maker Xiaomi Corp has announced its entry into the smart electric vehicle market. In a stock market filing, the company said it will make an initial investment of RMB 10 billion ($1.52 billion).
Ove ten years, it’s estimating a total investment goal of $10 billion. Mr Lei Jun, the current Group Chief Executive, will serve as CEO of the smart electric vehicle business.
The company states: ‘Xiaomi hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere’.
According to Reuters, Xiaomi, is in talks to use one of Great Wall Motor Company’s plants in China to make EVs under its own brand.
Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018. Xiaomi is an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core.
Keyword: Chinese Smartphone Giant Xiaomi Corp. Enters Smart EV Market