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Home / News / Business News / Xiaomi to make smart electric vehicles, announces $10 billion investment
  • Business

    Xiaomi to make smart electric vehicles, announces $10 billion investment

    Surbhi Shah
    Written by
    Surbhi Shah
    Mail
    Last updated on Mar 31, 2021, 12:13 am
    Xiaomi to make smart electric vehicles, announces $10 billion investment
  • Chinese tech giant Xiaomi has announced its entry into the automotive industry. According to an official filing with the Hong Kong Stock Exchange, the company will set up a "wholly-owned subsidiary" to commence and operate a new smart electric vehicle business.

    Lei Jun, the co-founder and CEO of the Xiaomi Group, will concurrently serve as the CEO of the EV business.

  • In this article
    Take a look at the official statement The company aims to offer quality smart EVs Xiaomi will initially invest 10 billion yuan Global brand identity will prove to be a key advantage Xiaomi will face competition from established auto giants
  • Twitter Post

    Take a look at the official statement

  • BREAKING NEWS

    Say hello to #XiaomiSmartElectricVehicles.

    Get all the information at our #XiaomiMegaLaunch Part II tonight! 19:30 (GMT+8), 2021! pic.twitter.com/gq3Kue2pF1

    — Xiaomi (@Xiaomi) March 30, 2021
  • Goal

    The company aims to offer quality smart EVs

  • As per the stock exchange filing, Xiaomi "hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere."

    It is unclear whether the company will produce and sell EVs under its own wings or tie up with contract manufacturers for producing the vehicles.

    We also do not know if Xiaomi will focus on manufacturing, software, or both.

  • Information

    Xiaomi will initially invest 10 billion yuan

  • Xiaomi has confirmed that it will initially invest CNY 10 billion ($1.52 billion) into the smart electric vehicles venture. Over the next 10 years, the total investment amount will reach around $10 billion.

  • Brand recognition

    Global brand identity will prove to be a key advantage

    Global brand identity will prove to be a key advantage
  • Xiaomi, often touted as an "internet firm," is known world over for its Android-powered smartphones, wearables, lifestyle products, IoT devices, and laptops.

    The tech giant's global recognition will prove to be an obvious advantage to market its electric vehicles as well as offer a connected driving experience using its established ecosystem.

  • Competitors

    Xiaomi will face competition from established auto giants

    Xiaomi will face competition from established auto giants
  • The EV industry is slated to become a $5 trillion market opportunity over the next 10 years. Xiaomi will face competition from Tesla, Volkswagen, BMW, General Motors, and Jaguar Land Rover - they have been working for years to develop and sell electric vehicles.

    Back home, Xiaomi will take on rivals like Xpeng, Nio and Li Auto, which have already introduced multiple models.

  • Xiaomi
  • Electric Vehicles
  • Latest Automobile News
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