Today, Xiaomi is a well-known global brand, mostly involved with developing, producing and selling different consumer electronics products. However, now they seem to have one more strategic expansion in mind: to become a company that also manufactures electric cars.
Xiaomi store Image credit: Raysonho via Wikimedia, CC0 1.0 Public Domain
The first announcement regarding this venture was made by Xiaomi back in March this year. Then, company presented their initiative to establish a sub-division specializing in electric vehicles. Official registration of this new business branch was completed in August. Now, company’s CEO Lei Jun has confirmed their plans, while also providing a more specific date for the release of the first electric vehicle.
Xiaomi plans to invest approximately 10 billion U.S. dollars in their new effort within nearest ten years. Currently there is no confirmation if the first e-car will be produced within Xiaomi’s own production facilities, or if they are going to outsource a part or even an entire production to another company, possibly one of existing automaking companies.
Source: Reuters
