Xiaomi to invest $10 billion in new electric vehicle unit over 10 years

Reuters

<p>SHANGHAI - 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.</p><p>The firm will initially invest 10 billion yuan ($1.52 billion) in the wholly-owned subsidiary, with a total investment goal of $10 billion over the next ten years.</p><p>Xiaomi CEO Lei Jun will also serve as CEO of the smart electric vehicle unit, the company added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/26/21/xiaomi-great-wall-motor-shares-surge-after-report-on-electric-vehicle-plan">Xiaomi, Great Wall Motor shares surge after report on electric vehicle plan</a></li></ul><p>The company&#x27;s move into the EV industry follows similar steps by other tech giants, both in China and overseas.</p><p>In January, Chinese search giant Baidu Inc announced it would develop an EV unit via a partnership with domestic carmaker Geely Automobile Holdings Ltd .</p><p>In February, Reuters reported that beleaguered Chinese smartphone giant Huawei Technologies Co Ltd is currently in talks with state-owned automaker Changan Automobile and other companies to manufacture EVs.</p><p>Apple Inc has also long been planning an entry into the EV market, according to reports.</p><p>Last week Reuters reported exclusively that Xiaomi was in talks to partner with Chinese automaker Great Wall Motor Co for help in manufacturing EVs.</p><p>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.</p><p>($1 = 6.5647 Chinese yuan renminbi) </p><div><strong>(Reporting by Josh Horwitz, editing by Louise Heavens, Kirsten Donovan)</strong></div><div><strong>EMBED AS IVS</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1650397" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>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.<br /> </p>

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.

Xiaomi to invest $10 billion in new electric vehicle unit over 10 years | ABS-CBN

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Xiaomi to invest $10 billion in new electric vehicle unit over 10 years

Xiaomi to invest $10 billion in new electric vehicle unit over 10 years

Reuters

Published Mar 30, 2021 07:07 PM PHT

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