China smartphone maker Xiaomi to invest US$10 billion in new EV unit over 10 years
SHANGHAI: Chinese smartphone maker Xiaomi has formally entered the automotive industry with a new smart electric vehicle (EV) business, the ...
BookmarkSHANGHAI: Chinese smartphone maker Xiaomi has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company announced on Tuesday (Mar 30) in a filing.The firm will initially invest 10 billion yuan (US$1.52 billion) in the wholly-owned subsidiary, with a total investment goal of US$10 billion over the next ten years.
AdvertisementAdvertisementXiaomi CEO Lei Jun will also serve as CEO of the smart electric vehicle unit, the company added.The company's move into the EV industry follows similar steps by other tech giants, both in China and overseas.In January, Chinese search giant Baidu announced it would develop an EV unit via a partnership with domestic car maker Geely Automobile Holdings.
In February, Reuters reported that beleaguered Chinese smartphone giant Huawei Technologies is currently in talks with state-owned automaker Changan Automobile and other companies to manufacture EVs.AdvertisementAdvertisementApple has also long been planning an entry into the EV market, according to reports. headtopics.com
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.Read more: CNA »
Triad Trails: Former secret society members lead tour on Chinatown’s seedy past
SINGAPORE — Pointing to a row of shophouses along Pagoda Street leading up to Chinatown MRT Station, a heavily-tattooed man tells the group behind him that the shops used to be opium dens in the 19th century.
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