Xiaomi announces its foray into the global electric vehicle segment. Company confirms the start of its new business, with an initial investment of USD 1.52 billion.
Xiaomi Corporation has officially confirmed its entry into the global automotive segment. The Chinese smartphone maker recently announced that they will be entering the smart electric vehicle business. The new business will be a wholly-owned subsidiary of the Xiaomi Group.
This announcement was made to its shareholders and other potential investors as a new business development. Xiaomi stated that they will make an initial investment of RMB 10 billion (equivalent to US$ 1.52 billion). The total investment, however, will amount to US$ 10 billion over the next 10 years .
The company also announced that Mr Lei Jun, Chief Executive Officer of Xiaomi Group, will concurrently serve as the CEO of the new electric vehicle business.
Xiaomi has also stated that it aims to bring in quality smart electric vehicles across the world, allowing people to enjoy ‘smart living’ anytime, anywhere.
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