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Xiaomi plans to make smart cars, will invest $ 1.5 billion

Xiaomi has officially confirmed that it will enter the electric car business. Given the scope of Xiaomi’s product portfolio, it’s no surprise to see this product replace the electric cars. The company has stated that it is setting up a subsidiary to work with electric vehicles and related businesses.

Xiaomi plans to invest about 10 billion yuan (about $ 1.5 billion) over a 10-year period. Lei Jun, chief executive of Xiaomi, will also serve as CEO of a new electric car company.

“The board of directors of the company has decided to start an electric car business. The company will establish a fully owned company to operate the electric car business. The first phase of the investment will be RMB 10 billion, with the total investment in the next 10 years estimated at $ 10 billion. Mr Lei Jun, the team’s Chief Operating Officer will serve as the Chief Executive Officer of the electric car business, ”the company said in a statement.

When can you expect Xiaomi EV?

An electric car with the Xiaomi brand may not be available soon anytime soon. Jun had just confirmed at the 15th annual meeting of the Chinese Business Forum that Xiaomi has no plans to release an electric car in the next three to five years. Xiaomi is also expected to partner with Great Wall Motor Co Ltd of China and use the factory’s factory to build electric cars.

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