Xiaomi to make electric cars?
Xiaomi is looking to be know for more things than just its consumer electronics. The company has disclosed plans to invest USD 10 billion into a smart electric vehicle business over the course of 10 years - to usher in the new Xiaomi.
The Chinese company is commencing its smart electric vehicle business with an official notice to Hong Kong Stock Exchange. Lei Jun, Founder, Chairman and CEO of Xiaomi, stated during its March 2021 launch event that the business will be operated under a Xiaomi wholly-owned subsidiary with an initial investment of RMB 10 billion (USD 1.5 billion). Over the course of the next 10 years, Xiaomi says it is committed to invest USD 10 billion in total. Lei Jun will concurrently serve as the CEO of the smart electric vehicle business. “The decision was made after numerous rounds of deliberation among all our Partners, and this will be the final major entrepreneurial project of my life. I am willing to put all my personal reputation on the line and fight for the future of our smart electric vehicle,” says Lei Jun in a press release. “Smart electric vehicles represent one of the largest business opportunities in the next decade and represent an indispensable component of smart living. Entering this business is a natural choice for us as we expand our smart AIoT ecosystem and fulfill our mission of letting everyone in the world enjoy a better life through innovative technology. ” Lei Jun continues.