The firm will initially invest CNY 10 billion in the wholly-owned subsidiary, with a total
investment goal of $10 billion over the next ten years. Xiaomi CEO Lei Jun will
also serve as CEO of the smart electric vehicle unit, the company added.
Xiaomi moving into the EV industry follows similar steps by
other tech giants, both in China and overseas. In January, Chinese search giant
Baidu Inc announced it would develop an EV unit via a partnership with domestic
carmaker Geely Automobile Holdings Ltd.
In February, Reuters reported that beleaguered Chinese
smartphone giant Huawei Technologies Co Ltd is currently in talks with
state-owned automaker Changan Automobile and other companies to manufacture
EVs.
Apple Inc has also long been planning an entry into the EV
market, according to reports.
Last week Reuters reported exclusively that Xiaomi was in
talks to partner with Chinese automaker Great Wall Motor Co for help in
manufacturing EVs.
Xiaomi declined to comment on the report, while Great Wall
said in an exchange filing that it had not discussed such a partnership with
Xiaomi.
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