Xiaomi heads - officially - into e-Car business
Xiaomi EV Company Limited. has completed the business registration with a registered capital of RMB 10 billion.
The share capital of Xiaomi EV is RMB 10 billion (approximately USD 1.5 billion). Lei Jun, Xiaomi Founder, President and CEO, is the legal representative of Xiaomi EV Company Limited. Xiaomi announced 5 months ago that it intends to enter the electric car production sector. Currently, the company already employs about 300 people to work on this project and announced a rapid expansion of the team. So far, Xiaomi has focused on conducting market analysis (both in terms of customer expectations and the supply chain) and preparing product concepts, but it has also already acquired a company dealing with autonomous driving technology - Deepmotion Tech. The Chinese giant reported record revenues and net profit in the second quarter (revenues: RMB 87.8 billion, + 64.0% y/y, adjusted net profit: RMB 6.3 billion, + 87.4% y/y), which ensures that it does not lack the resources, staff and knowledge, especially in the areas of artificial intelligence or new materials, a press release states.