China's Xiaomi announces smart EV business, to invest $10 bn over 10 years

 

SHANGHAI (Reuters) - Chinese smartphone maker Xiaomi Corp has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company announced on Tuesday in a filing.

The firm will initially invest 10 billion yuan ($1.52 billion) in the wholly-owned subsidiary, with a total investment goal of $10 billion over the next ten years.


Xiaomi CEO Lei Jun will also serve as CEO of the smart electric vehicle unit, the company added.

The company's move into the EV industry follows similar steps by other tech giants, both in China and overseas.

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