Xiaomi confirms its making an EV — will setup a $10B entity to build it

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Xiaomi confirmed today that it is building an electric vehicle and is also setting up a separate entity to do so.

In an announcement made today, the Chinese tech giant said that for the initial phase, it is investing 10 billion RMB ($ 1.5 billion). In addition, Xiaomi plans to invest $ 10 billion over the next 10 years.

Xiaomi CEO Lei Jun will also serve as CEO of the new intelligent EV business.

Last week, Reuters reported that the company will use the Great Wall Motor Co. plant for manufacturing and that the first model is expected to arrive in 2023. Xiaomi has so far not detailed its production and production plans. launch.

Xiaomi is not the only company vying to enter the automotive market. We expect Apple to launch a car sometime in this decade and Huawei also plans to produce an electric vehicle.

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Published March 30, 2021 – 10:16 UTC


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