Popular Chinese smartphone maker Xiaomi has officially announced that is entering the Automotive industry by debuting a smart electric vehicle . With this announcement, Xiaomi has now joined the bandwagon of EV makers across the globe. The company filed about its EV business on Tuesday.
Initially Xiaomi would be investing 1.52 billion USD equivalent to 10 billion Yuan in its wholly owned subsidiary. Xiaomi is looking forward to invest about 10 billion USD within 10 years . Mr Lei Jun who is the current CEO of Xiaomi would be as well serving as CEO of smart electric vehicle business the company said.
In the other news, Chinese smartphone major Huawei Technologies is in talks with state-owned automaker Changan Automobile and other companies to manufacture EVs . Apple Inc is also in talks to enter the EV market. Baidu, China’s largest search engine will be partnering with Geely Automobile Holdings Ltd to ent er the EV Space.
There are unconfirmed reports that Xiaomi is in talks to partner with Chinese automaker Great Wall Motor (GWM) to seek help in manufacturing EVs.
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