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Deepti Sri · · 1 min readReport: Xiaomi to invest $10b in its electric car business
“Chinese smartphone maker Xiaomi has officially announced that it will start manufacturing electric cars, as the company seeks to diversify beyond smartphones and consumer electronics,” Pandaily reported.
Details:
- The company will operate its electric cars business through a 100%-owned unit, which will be headed by co-founder and CEO Lei Jun.
- Xiaomi will invest a total of US$10 billion in the unit over the next 10 years, with an initial investment of US$1.5 billion.
Context:
- In a press conference, Jun said that the company started doing research into car manufacturing on January 15. He added that he has rejected offers from venture capitalists to invest in the unit.
- Last week, it was reported that Xiaomi also plans to make electric vehicles using Great Wall Motor’s factory, with a target launch sometime in 2023.
Editing by Collin Furtado and September Grace Mahino
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