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Xiaomi to set up electric car subsidiary, invests $10 billion for next 10 years

By Cookie Monster - on 30 Mar 2021, 8:28pm

Xiaomi to set up electric car subsidiary, invests $10 billion for next 10 years

Image source: Xiaomi

Xiaomi is on a roll with new product releases and announcements. The company just confirmed its intention to enter the electric vehicle (EV) business. 

In its announcement on Facebook, Xiaomi states that it will set up a wholly-owned subsidiary to operate the smart EV business. Lei Jun, the CEO of Xiaomi, will also serve as the CEO of the smart EV business. While the initial phase of the investment will be about 10 billion yuan, the total investment over the course of the next 10 years is estimated to be about US$10 billion! 

Many companies are planning or already have jumped on the EV bandwagon. Hyundai shared in August 2020 that it will start making EVs in Singapore from 2022. 

Chinese electric car company Nio unveiled the ET7 electric sedan earlier this year with a whopping 150kWh battery and 1,000km range. BMW's flagship electric car, the 500hp iX is expected to hit roads at the end of this year. Porsche increased its stake in EV maker Rimac earlier this month. 

Magna and Foxconn are reportedly the main contenders for helping Apple build its EV. Kia recently teased its new EV6 electric car, which is its first dedicated EV platform.

Source: Xiaomi

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