Earlier this year, China-based technology giant Xiaomi announced that it’s entering the electric vehicle business and since then, the company has been trying to find a partner in the auto manufacturing sector.
Now, the company has officially announced that the industrial and commercial registration of the Xiaomi Automobile Co. Ltd. has been completed. The firm has been set up with registration capital of 10 billion yuan and Lei Jun, founder, Chairman, and CEO of the Xiaomi Group is leading this new entity.
Since the announcement of Xiaomi entering the smart cars sector about five months ago, the company claims that it has built a team of around 300 members for the smart car business from more than 20,000 applicants. It’s not yet done with the hiring process and is looking to invite more people to join the team.
The Chinese company has been in talks with several car manufacturers for a partnership but nothing has been materialized so far. But in the recent development, it was reported that Xiaomi is looking to acquire a stake in China Evergrande’s Electric Vehicle unit.
A few weeks ago, Lei Jun visited the SAIC headquarters, adding the company to the list of other auto manufacturers that he visited, including BYD, Great Wall, Wuling, and some other well-known car-making companies.
In the past few months, Xiaomi’s management has had 85 industry visits, in-depth exchanges with more than 200 automotive industry veterans, four internal management discussions, and two formal board meetings.
Xiaomi is aiming to offer high-quality smart electric vehicles to its users globally to enjoy ubiquitous smart life, says Lei Jun. Although the initial investment of the company is about 10 billion yuan, it is set to invest around 60 billion yuan over the next 10 years as the business grows.
RELATED:
- Honor beats Xiaomi and Apple to become China’s 3rd largest smartphone maker
- Xiaomi invests in Motorcomm, a core communications chipmaker for automobiles
- Foxconn may begin producing Electric Vehicle at its Wisconsin plant or in Mexico
- Huawei allegedly planning to make an entry into the Electric Vehicle market
- Xiaomi 11T Pro / 11T render emerges to reveal the phone’s design and color variants
