Xiaomi announces plans to enter China's electric vehicles market
The company also expects to invest up to $10 billion into it over the next 10 years.
March 30, 2021 / 04:53 PM IST
Lei Jun, founder and CEO of China's mobile company Xiaomi and a delegate of China's National People's Congress (NPC), attends a news conference in Beijing, China, March 6, 2017. Picture taken March 6, 2017. REUTERS/Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. EDITORIAL USE ONLY. CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA. - RTS11Q8P
Chinese smartphone maker Xiaomi recently announced that it would be entering the booming electric vehicle market in China. The company announced its long-awaited plan to produce electric cars during the second part of its Mega Launch event.
Xiaomi estimates that the eventual investment in the company will be RMB 10 billion or $1.5 billion. The company also expects to invest up to $10 billion into it over the next 10 years. Xiaomi CEO Lei Jun will serve as the CEO of its EV business.
In an official statement, Xiaomi said, “The board of directors of the company has resolved to commence the electric vehicle business. The company will set up a wholly-owned subsidiary to operate the smart electric vehicle business.”
Xiaomi didn’t make any further comment about its foray into the EV market. But the statement added; “Xiaomi hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere.”
Xiaomi is expected to provide more details about the announcement during the second part of its Mega Launch event. In the first half of the event, the Chinese smartphone maker unveiled the Xiaomi Mi 11 Pro, Mi 11 Ultra
, Mi 11 Lite
, Mi 11i
, Mi Smart Band 6, and Mi Smart Projector Pro