Xiaomi officially registers its electric vehicle company, co-founder Lei Jun announces
Xiaomihas registered a car company for its electric vehicle segment.
- It's a wholly-owned subsidiary by Xiaomi and it will be headed by co-founder
- Xiaomi is yet to launch its first electric vehicle.
Earlier this year in March, Xiaomi announced its foray into the electric vehicle market. The electric vehicle business will be operated under a subsidiary company wholly owned by Xiaomi with an initial capital of RMB 10 billion. Xiaomi plans to invest around $10 billion over the next 10 years in total for its electric vehicle business.
Lei Jun who is currently the CEO of Xiaomi will also head the company’s electric vehicle business. “The decision was made after numerous rounds of deliberation among all our Partners, and this will be the final major entrepreneurial project of my life. I am willing to put all my personal reputation on the line and fight for the future of our smart electric vehicle! I am determined to lead my team to fight for the success of the Xiaomi electric vehicle,” said Lei Jun while making the announcement.
Xiaomi hasn’t revealed when its first electric vehicle will launch but the company has been making investments in this segment. Just last week, Xiaomi acquired Deepmotion, an autonomous driving technology company. Xiaomi announced the deal in its earnings call for the quarter ending on June 30, 2021. The acquisition is aimed at pushing the company’s efforts to develop autonomous driving technologies. Xiaomi’s president Wang Xiang also said during the earnings call that the company currently has a team of 500 experts for its electric vehicle project, according to a report by Tech Node.
Xiaomi’s first electric vehicle will be either a sedan or an SUV, Lei Jun revealed earlier this year. The electric car will also cost between RMB 100,000 and RMB 300,000.
Xiaomi will reportedly acquire autonomous driving startup Deepmotion for $77.4 mn
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