Xiaomi a mobile company has made serious advancements in its plans to manufacture electric vehicles, as the company successfully completed the registration of its EV business unit with the capital of 10 billion Yuan. The Xiaomi EV unit is now officially incorporated. They are been registered with the total of 300 staff members as of now. The company is, however, yet to reveal the plans on the type of EV it would produce.
Xiaomi had announced its entry into the EV business in March this year. Around half a year since the announcement the company has finally registered its EV vertical to Xiaomi EV. The new company of EV has been registered with the capital of 11, 000 crore. The company has not yet hinted the types of EV it will produce under the new business. More likely the company aims to produce affordable vehicles for the home country china and other international markets. The fact China is the biggest electric vehicle producer and the consumer in the world also backs the claim.
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INVESTMENT in Xiaomi in electric vehicles
At the time of announcement, the company claimed that it was ready for the investment of $10 billion in the electric vehicle unit over the next 10 years. Xiaomi said that it has conducted over 2000 interviews surveys and they visited over 10 industry partners since the March announcement. One report also highlighted Xiaomi efforts to be stakeholder in evergrande groups automotive unit.
The world’s second largest smart phone maker has taken the next step in its entry to the EV market with the new unit headed by CEO Lei Jun Himself. The last announcement of Xiaomi is that the company has acquired Chinese autonomous driving startup Deepmotion for about $77.37 million which will help enhance the technological competitiveness of its electric car business.