Xiaomi last month announced its acquisition of self-driving technology developer DeepMotion for about $77 million
Xiaomi Corp venture into the growing electric vehicle has been sealed as the copany announces the completion of the official business registration of the new unit– Xiaomi EV Inc.
Xiaomi has invested an initial 10 billion yuan ($1.55 billion) into the new unit, which will be headed by CEO Lei Jun, and will spend $10 billion in the EV business over the next 10 years.
Lei, the founder who also serves as Xiaomi’s chairman, said in March that the push into electric vehicles would mark his “last major entrepreneurial project” when he announced plans to enter the EV sector.
Since then, the Xiaomi EV team has been in communication with over 10 industry peers and partners, the release said. The unit has hired about 300 employees from over 20,000 applicants.
However, it has revealed few details of its strategy for the automotive sector or vehicle types it intends to launch.
The Chinese smartphone major has reportedly invested heavily in a core communications chipmaker for automobiles called Motorcomm through the Hubei Xiaomi Yangtze River Industrial Fund, as per a report by GizmoChina.
Motorcomm’s business scope includes technology development, industrial automation, automobiles, consulting, and other technical services as well.
Xiaomi last month announced its acquisition of self-driving technology developer DeepMotion for about $77 million.
As per media reports, the smartphone giant is also in talks with Chinese property developer Evergrande Group to buy part of a 65 per cent stake in its electric vehicle (EV) unit.
