Xiaomi CEO Lei Jun will hold a press conference on March 30, 2021 in Beijing, China, on Xiaomi’s new logo and Xiaomi’s car manufacturing.
VCG | Visual China Group | Getty Images
Guangzhou, China — China’s smartphone giant Xiaomi has officially registered its electric vehicle business, and the division has entered a “substantial development stage,” the company said.
The names of the subsidiaries are Xiaomi EV, Inc. It was founded with the previously announced registered capital of 10 billion yuan ($ 1.55 billion).
In March, the Beijing-based company announced plans to launch an electric vehicle business and invest $ 10 billion over the next decade.
Xiaomi EV currently has 300 employees, and the business is led by Group founder and CEO Lei Jun, the company said.
Xiaomi said the electric vehicle team “has conducted a large amount of user surveys” over the past five months. We also visited industry partners while “promoting the definition of EV products and team formation.”
The business hasn’t announced the car yet.
Earlier this month, Xiaomi announced that it had acquired the autonomous driving company Deepmotion for about $ 77.37 million, “strengthening its technological competitiveness” in its electric vehicle business.
Known for smartphones and other internet-connected hardware, Xiaomi is a Chinese emergency among start-ups such as Nio and Xpeng and well-established players such as BYD backed by Chinese carmakers Tesla and Warren Buffett. I’m jumping into a crowded space.
Xiaomi’s share rose about 1.4% in the afternoon trading in Hong Kong, surpassing the broader Hang Seng Index.