Ev, Billion

Ev, Billion

Xiaomi announces smart EV business, to invest US$10 billion over ten years

Xiaomi announces smart EV business, to invest US$10 billion over ten years

30/3/2021 12:41:00 PM

Xiaomi announces smart EV business, to invest US$10 billion over ten years

Chinese smartphone maker Xiaomi Corp has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company ...

BusinessChinese smartphone maker Xiaomi Corp has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company announced on Tuesday in a filing.FILE PHOTO: The logo of Xiaomi is seen inside the company's office in Bengaluru, India, January 18, 2018. REUTERS/Abhishek N. Chinnappa

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30 Mar 2021 05:25PMShare this contentBookmarkSHANGHAI: Chinese smartphone maker Xiaomi Corp has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company announced on Tuesday 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.(US$1=6.5647 Chinese yuan renminbi)(Reporting by Josh Horwitz, editing by Louise Heavens, Kirsten Donovan) Read more: CNA »

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