Xiaomi CEO Lei Jun holds an interview about Xiaomi’s brand-new logo design and Xiaomi’s vehicle structure on March 30, 2021 in Beijing, China.
VCG|Visual China Group|Getty Images
GUANGZHOU, China– Chinese smart device giant Xiaomi has actually formally registered its electrical lorry company and stated the department has actually gotten in a “substantial development phase,” the business stated.
The name of the subsidiary is Xiaomi EV,Inc and it was established with a formerly revealed authorized capital of 10 billion yuan ($ 1.55 billion).
In March, the Beijing- headquartered company revealed strategies to introduce an electrical vehicle company and invest $10 billion over the next years.
Xiaomi EV now has 300 workers, the business stated, and business is led by the group’s creator and CEO Lei Jun.
Xiaomi stated its electrical lorry group has “conducted a massive amount of user research” in the last 5 months. It has actually likewise checked out market partners while “pressing ahead with the EV product definition and team formation.”
The company has yet to reveal a cars and truck.
Earlier this month, Xiaomi revealed it had actually gotten self-governing driving company Deepmotion for around $7737 million to “enhance the technological competitiveness” of its electrical lorry company.
Xiaomi, understood for its smart devices and other internet-connected hardware, is delving into an extremely congested area in China amongst start-ups like Nio and Xpeng also developed gamers consisting of Tesla and Warren Buffett- backed BYD, a Chinese car manufacturer.
Shares of Xiaomi were up about 1.4% in afternoon sell Hong Kong, outshining the more comprehensive Hang Seng index.
