Business

Xiaomi to enter electric vehicle business

New Delhi, Mar 30 (Agencies) | Publish Date: 3/30/2021 1:07:52 PM IST

Smartphone giant Xiaomi on Tuesday announced that it is entering the electric vehicle business. The company will operate a wholly-owned subsidiary to operate the electric vehicle business. The company estimates the eventual investment in the company in the next 10 years to reach $10 billion, Business Today reported. The Chinese giant expects the initial phase of investment to be RMB 10 billion. Xiaomi CEO Lei Jun will serve as the CEO of the electric vehicle business, stated the company.

“The board of directors of the company has resolved to commence the electric vehicle business. The company will set up a wholly-owned subsidiary to operate the smart electric vehicle business. The initial phase of investment will be RMB 10 billion, with the total investment amount over the course of the next 10 years estimated to be USD$10 billion,” said the company in an announcement to shareholders and potential investors.

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