The world’s second-largest smartphone producer, Xiaomi, has formally registered its electric vehicle business — Xiaomi EV, Inc.
In Xiaomi’s March statement, the company pledged to invest $10 billion (R144 billion) over the next ten years.
Xiaomi said that following its initial announcement, the electric vehicle unit has “conducted a massive amount of user research” and undertaken “more than 2,000 interview surveys and visits to over 10 industry peers and partners”.
The unit has employed 300 individuals and has a registered capital of RMB10 billion (R22 billion).
The new unit will be headed by Xiaomi’s CEO, Lei Jun as the legal representative.
Xiaomi announced its purchase of autonomous driving technology firm Deepmotion earlier this month to “enhance the technological competitiveness.”
“Xiaomi hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere,” the company said.