News Details

Xiaomi To Invest $10 Billion In New EV Unit Over 10 Years: Report

  • Xiaomi CEO Lei Jun will also serve as CEO of the smart electric vehicle unit, the company added
  • Recently, there were reports that the company plans to make electric vehicles (EVs) using Great Wall Motor Co Ltd’s factory, said three people with direct knowledge of the matter

As per a report by Reuters, Xiaomi Corp has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company announced in a filing. The report added that the company 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 report added that in January, Baidu Inc announced it would develop an EV unit via a partnership with domestic car maker Geely Automobile Holdings Ltd. As per reports, Apple Inc has also been planning an entry into the EV market.

Make electric vehicles (EVs) using Great Wall Motor Co Ltd’s factory

Recently, Reuters reported that plans to make electric vehicles (EVs) using Great Wall Motor Co Ltd’s factory, said three people with direct knowledge of the matter. The report added that Xiaomi, is in talks to use one of Great Wall’s plants in China to make EVs under its own brand, said two of the people, who declined to be identified as the information is not public. The report added that Xiaomi will aim its EVs at the mass market, in line with the broader positioning of its electronics products, the two people said.

Source: https://www.electronicsb2b.com/