Xiaomi officially registered electric vehicle business, registered capital of 1.55 billion USD, currently has 300 employees

 

Xiaomi officially registered electric vehicle business, registered capital of 1.55 billion USD, currently has 300 employees
Xiaomi officially registered electric vehicle business, registered capital of 1.55 billion USD, currently has 300 employees

The Chinese smartphone giant said its electric vehicle business had entered a "significant stage of development".

Chinese smartphone giant Xiaomi has officially registered its electric vehicle business and said the division has entered a "significant stage of development", according to the latest statement from the company. company.

The name of the subsidiary is Xiaomi EV, established with a previously announced registered capital of 10 billion yuan, equivalent to 1.55 billion USD. In March of this year, Xiaomi announced plans to enter the electric vehicle business and will invest around $10 billion over the next decade.

Xiaomi EV currently has 300 employees, the company said, the business is led by the group's founder and CEO Lei Quan.

Xiaomi CEO Lei Quan
Xiaomi CEO Lei Quan

Xiaomi CEO Lei Quan holds a press conference introducing the new Xiaomi logo and the group's electric vehicle production plan on March 30, 2021 in Beijing, China.

Xiaomi says its electric vehicle team has "conducted a large amount of user research" over the past five months. They also visited industry partners to "drive EV product definition and team formation."

But the business has yet to reveal a single vehicle.

Earlier this month, Xiaomi announced it had acquired autonomous driving company Deepmotion for about $77.37 million to "enhance technological competitiveness" for its electric vehicle business.

Xiaomi, known for its smartphones and other internet-connected hardware, is jumping into a new market area that is extremely "crowded" in China. It's packed with startups like Nio and Xpeng, as well as long-standing rivals like BYD, a Chinese automaker backed by Tesla and Warren Buffett.

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