Photo: Xiaomi
Chinese smartphone-maker Xiaomi has finally completed the registration process for its new electric vehicle unit, thus making its official debut in the automotive sector. The new unit will be called Xiaomi EV Inc and will feature an initial registered capital of 10 billion yuan ($1.55 billion).
According to Xiaomi, the new company will employ roughly 300 staff members to begin with, although it will continue to recruit talent going forward. Speaking of the future, the Chinese firm, currently the world’s second top-selling brand behind Samsung in Q2 of 2021, has also pledged to invest $10 billion over the next 10 years in electric mobility, as reported by Reuters.
Meanwhile, company CEO Lei Jun will act as Xiaomi EV Inc’s legal representative, has already stated that this push into electric vehicles would mark his “last major entrepreneurial project.”
Xiaomi has carried out over 2,000 interview surveys and visited with over 10 industry peers and partners, although its strategy for the automotive sector remains mostly a mystery – as is the type of vehicle it’s looking to launch. Could it be something budget-friendly like a small city car or crossover? Or perhaps something a little more expensive like a large SUV or a four-door saloon capable of rivaling a Tesla Model S. Time will tell.
Just last week, the Chinese tech giant announced the purchase of autonomous driving startup Deepmotion for the sweet sum of $77 million. With Deepmotion’s help, Xiaomi could take the fight to local rivals such as Baidu and Huawei, although in the long term, they clearly want to grow internationally as far as the EV market is concerned.
Furthermore, a Xiaomi spokesperson wrote on the company’s social media account that they’re also in touch with several carmakers regarding potential partnerships, but they’ve yet to decide which one to work with.
Meanwhile, company CEO Lei Jun will act as Xiaomi EV Inc’s legal representative, has already stated that this push into electric vehicles would mark his “last major entrepreneurial project.”
Xiaomi has carried out over 2,000 interview surveys and visited with over 10 industry peers and partners, although its strategy for the automotive sector remains mostly a mystery – as is the type of vehicle it’s looking to launch. Could it be something budget-friendly like a small city car or crossover? Or perhaps something a little more expensive like a large SUV or a four-door saloon capable of rivaling a Tesla Model S. Time will tell.
Just last week, the Chinese tech giant announced the purchase of autonomous driving startup Deepmotion for the sweet sum of $77 million. With Deepmotion’s help, Xiaomi could take the fight to local rivals such as Baidu and Huawei, although in the long term, they clearly want to grow internationally as far as the EV market is concerned.
Furthermore, a Xiaomi spokesperson wrote on the company’s social media account that they’re also in touch with several carmakers regarding potential partnerships, but they’ve yet to decide which one to work with.
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