Xiaomi establishes its automobile company with a $10 billion investment.
ByFaisal Chughtai | Published date:
Xiaomi, the Chinese IT behemoth, has declared that it is ready to join the electric vehicle (EV) industry, with the registration of its car division, Xiaomi Automobile Co. Ltd., now complete.
Xiaomi declared its intention to join the EV industry in March. It was reported earlier today that Xiaomi Automobile Co. Ltd. had been established with a registered capital of $10 billion ($1.5 billion). It was also said that the new organization would be led by its founder, Chairman, and CEO, Lei Jun.
GizmoChina stated that, although its first investment is $10 billion, it would spend $60 billion ($9.28 billion) over 10 years as the firm develops.
Xiaomi has allegedly been in discussions with several vehicle makers, including Great Wall Motors, BYD Auto Co. Ltd., Wuling, and SAIC, about forming a collaboration, but nothing has come of it.
Furthermore, Xiaomi is assembling a special and dedicated team for the project, revealing in a statement today that it has so far recruited 300 people from over 200,000 applications and that the recruiting process is continuing.
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