Xiaomi’s electric vehicle unit has now officially joined. The Xiaomi EV has been registered with a total of 300 staff members so far.
Xiaomi wants to bring an electric car at a low price
Xiaomi announced its entry into the electric car business in March this year. At the time, Xiaomi’s chief Lei Jun shared little information on his endeavor, except how he always wished to pursue electric vehicles. Almost half a year after the announcement, the company has finally registered its EV vertical as Xiaomi EV where there is now a lot more information about how the company plans to move forward.
The new EV company has been registered through Xiaomi with a capital of 10 billion yuan or Rs 11,000 crore. Xiaomi CEO Lei Jun has been signed on as the company’s legal representative. After registration, Xiaomi has given this information in a statement. So far, the company has hired 300 employees and is hiring more people for new business verticals.
Xiaomi has not yet indicated what type of electric vehicles it will produce under the new business. However, it is likely that the company will aim to produce affordable electric vehicles for its home country China and other international markets. One can speculate, given Xiaomi’s expertise in the market, as seen with its smartphone business. The truth is that China is the largest EV producer and consumer in the world.
here is the complete plan
During the announcement, the company had claimed that it is ready to invest $10 billion (about Rs 73,000 crore) in its EV unit, which will be spent over a period of next 10 years. However, the information about how this investment will be done is still less. Following the registration of its EV business, Xiaomi said it has conducted over 2,000 interview surveys and visited more than 10 industry partners since its March announcement. The company bought autonomous driving technology startup Deepmotion for an amount of over 77 million (approximately Rs 562 crore). The acquisition is intended to assist Xiaomi in its research and development efforts.
A Reuters report also highlighted Xiaomi’s efforts to become a stakeholder in the automotive unit of the Evergrande Group. The publication reported in August that Xiaomi was in talks with the Evergrande Group for the deal. A Xiaomi spokesperson later confirmed via the company’s social media account that it is in talks with several automakers, but is yet to decide on the right partner to work with.
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