It is no longer news that Xiaomi is planning to enter the smart electric vehicle (EV) industry. But if you think that is a project for the future, you may want to have a rethink. The Chinese tech giant has officially announced the birth of the Xiaomi EV Company Limited, the vehicle through which it hopes to achieve the dream of manufacturing electric vehicles.
The announcement follows the completion of the registration of the new company with Lei Jun, Founder, Chairman, and CEO of Xiaomi, as the legal representative. The new company has a registered capital of RMB 10 billion (around $1.5 billion).
Towards the end of March 2021, Xioami’s founder Lei Jun first announced during a speech the company’s EV business initiative, hinting that the Chinese brand was planning to invest an estimated $10 billion in total in EV business over the course of the next 10 years, with an initial investment of RMB 10 billion (~$1.5 billion. Lei Jun will lead the team himself and the company has already recruited over 300 new employees who are experts in the sector.
The news comes not too long after the company announced the acquisition of an autonomous driving technology company Deepmotion Tech. However, a clear roadmap of how the new EV business will run is not yet gotten. We can’t say if the company is going to manufacture complete electric vehicles or would focus on manufacturing components (hardware and software) for EVs. One thing is for sure though, the company will develop self-driving technology. There is no doubt that Xiaomi is bringing some vigor to the market.
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