#Xiaomi confirms it’s making an EV — will setup a $10B entity to build it
“#Xiaomi confirms it’s making an EV — will setup a $10B entity to build it”
In an announcement today, the Chinese tech giant said that for the initial phase it’s investing 10 billion RMB ($1.5 billion). Additionally, Xiaomi plans to invest $10 billion over the coming 10 years.
Lei Jun, CEO of Xiaomi, will also serve as the CEO of the new smart EV business.
Yes, we are going to build an electric vehicle. #XiaomiEV #XiaomielEctricVehicle
For more information, please don’t miss out the launch event tonight.
— David Liu (@DavidBlueLS) March 30, 2021
Last week, Reuters reported that the company will use Great Wall Motor Co.’s factory for manufacturing and the first model is expected to arrive in 2023. Till now, Xiaomi hasn’t detailed its production and launch plans.
Xiaomi’s not the only company vying to enter the automotive market. We’re expecting Apple to launch a car sometime this decade and Huawei is also planning to produce an EV.
But there’s another side of the business too. Chinese device manufacturer LeEco had invested in Faraday Future to compete with Tesla, but the whole project went bust in 2017.
developing…
Published March 30, 2021 — 10:16 UTC
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