Xiaomi officially registered its own electric vehicle business.
Best known for its popular smartphones, Chinese tech giant Xiaomi had officially registered its own electric vehicle business.
Xiaomi had officially registered a company that will produce its own electric vehicles. According to the founders, the division had already entered a “significant phase of development”.
Gizchina reported that Xiaomi received the name Xiaomi EV Inc. and the registered capital was USD 1.55 billion. Last March, Xiaomi announced its intention to invest USD 10 billion in the production of electric vehicles over the next 10 years.
Xiaomi representatives said that the branch already employed 300 employees and the new division was headed by Xiaomi’s direct founder and head Lei Jun.
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According to Xiaomi, the new division had already conducted extensive research on the user audience in the past five months and made contacts with partners in the industry.
Based on a report, Xiaomi’s new business was still not ready to present any electric vehicle or its prototype.
Xiaomi announced earlier this month a USD 77.37 million purchase of Deepmotion — an autonomous driving company “to enhance the technological competitiveness” of the electric vehicle business.
This showed that Xiaomi had started to focus on building automotive-related technologies and talents.
Gizguide reported that there were 16,000 engineers at Xiaomi currently and its R&D (research and development) expenses were nearly CNY 10 billion in 2020.
In addition to smartphones known for all sorts of IoT (Internet of Things) devices, Xiaomi will have to work hard in order to win a niche in the Chinese electric vehicle market.
Meanwhile, AppleInsider recently reported that Apple was visiting supply chain and automakers in South Korea and Japan to prepare for mass production of “Apple Car” electric vehicles in 2024.
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