Xiaomi Officially Confirms It’s Working on an Electric Car

Xiaomi has officially confirmed it’s expanding the EV market, with the company ready to invest no less than $10 billion in manufacturing such a car in the next 10 years.
Xiaomi is likely to bring its EV to the market in 2023 1 photo
To do this, Xiaomi is creating a new wholly-owned subsidiary with an initial investment of $1.5 billion, with CEO Lei Jun himself being in charge of the EV project.

It is the living proof Xiaomi has made the building of an EV a high-priority project, though right now, it’s not exactly known when the car could become available. People familiar with the matter have previously indicated Xiaomi was eyeing a 2023 release of its electric car, as the company wants to bring it to the market before Apple unveils the Apple Car.

At this point, it’s believed the Apple Car would land in 2024 or 2025 at the earliest.

Xiaomi hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere,” the company explains in a filling.

At first glance, this statement indicates Xiaomi aims for an international launch of its EV, so in theory, the car wouldn’t be limited to just the Chinese market.

A recent report revealed that Xiaomi has already found a traditional carmaker to build its EV. Great Wall Motors would be in charge of all operations, and what’s more, it would even assist Xiaomi with the necessary know-how to help the development of the EV.

The tech world is becoming more and more interested in the automotive market. In addition to Xiaomi, both Apple and Huawei are said to be actively working on an electric vehicle. Apple is currently seeking a partner to manufacture its car, with the company expected also to involve Foxconn, which right now is the one in charge of building the iPhone.
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About the author: Bogdan Popa
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Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
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