As per the latest reports from the stock markets, Xiaomi a major smartphone giant from China has made a shocking announcement. Xiaomi has announced that it has officially set foot into the electric vehicle business. The company has announced that it has already registered the business.
According to Xiaomi, they have now set foot into one of the most substantial phases for the expansion of their business. The company revealed that it has been closely monitoring the electric vehicle sector. The business has been constantly growing and there is so much room for improvement and innovation in the electric vehicle (EV) space.
Therefore, the company has made the move of launching a division in the electric vehicle sector. The company is moving into a new phase in the year 2021 and aims to make its name and presence known in the electric vehicle sector.
Xiaomi has announced that the name of the new company it has launched in the electric vehicle sector is Xiaomi EV Inc. The company has announced that it has launched Xiaomi EV Inc., and it has registered it with high capital. According to Xiaomi, the company for the electric vehicle space has been launched with 10 billion yuan capital. At the time of writing, the particular figure translates to $1.55 billion.
T was back in March of 2021 when Xiaomi had made an announcement in regards to launching its electric vehicle company. At that time, the company had revealed that it was going to invest a lot of money for the expansion of its electric vehicle division. The company revealed that in the next 10 years, it was going to invest $10 billion in the electric vehicle business.
Xiaomi EV has announced that for its operations, it has already hired 300 employees, who will be responsible for helping the business grow. The company has revealed that a group of founders will be leading the business, while Lei Jun would be the CEO of the company.
Xiaomi also provided information in regards to its research for the users in the electric vehicle sector. They have conducted massive research in the electric market to know exactly what kind of technology and services the consumers are looking for.
The company revealed that they have carried out their research in the electric vehicle sector in the last five years, gaining a tremendous amount of experience and knowledge.
The company has revealed that it is going to expedite its process of team formation as well as product definition. Despite announcing the official registration of the electric vehicle business, Xiaomi EV is yet to launch its first electric vehicle in the market.