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Xiaomi Officially Enters the Smart Electric Vehicle Business!
There were already rumors floating around that Xiaomi is set to enter the electric vehicle business, and now, the company has officially announced the commencement of its Smart Electric Vehicle business.
According to the announcement, Xiaomi will be setting up a wholly-owned subsidiary with an initial investment of RMB10 billion, and a total investment amount of an estimated USD10 billion, over the course of the next 10 years. The company’s CEO, Lei Jun, will also be the CEO of the Smart Electric Vehicle business.
More details should be available soon, but for now, this is a big step forward for the brand, and we can’t wait to see its very first product for this new venture!
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Source: Gadget Pilipinas
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