Xiaomi confirms plans to make smart electric vehicles, will invest $1.5 billion

Must read

How to disable and delete Samsung Pay from your Galaxy phone

When it comes to paying conveniently, Samsung Pay makes using your phone as a bank card an easy process; however, there may come...

Tribeca ‘A-ha: The Movie’ Review: A Rousing Take On A-ha’s Wildly Popular Discography

‘Take On Me’, the track that marked A-ha’s arrival in the music scene, is undeniably one of the greatest hits of...

PS5 restock update: Best Buy is ‘next’, but don’t expect the PS5 to be in stock today

Update: There's no PS5 restock at Best Buy today, June 20, but could be 'next' according to our PS5 restock Twitter tracker Matt...

B-town celebs who love scuba diving

Kriti Sanon to Varun Dhawan: B-town celebs who enjoy scuba diving Source link
Bhawani Singhhttps://techmepro.com
I am a blogger who believes in delivering latest tech news from around the world to my viewers.

Xiaomi has officially confirmed that it will be entering the smart electric vehicle business. Given how wide Xiaomi’s portfolio of products is, it is not surprising to see the brand enter the smart electric vehicle space.  The company has revealed that it is setting up a new subsidiary to work on electric vehicles and related business.

Xiaomi plans to invest about 10 billion yuan (about $1.5 billion) over a period of 10 years. Lei Jun, the CEO of Xiaomi, will also be serving as the CEO of the new smart electric vehicles entity.


“The board of directors of the company has resolved to commence the electric vehicle business. The company will set up a wholly-owned subsidiary to operate the smart electric vehicle business. The initial phase of investment will be RMB 10 billion, with the total investment amount over the course of the next 10 years estimated to be $10 billion. Mr Lei Jun, the Chief Operating Officer of the group will concurrently serve as the Chief Operating Officer of the smart electric vehicle business,” the company said in an announcement.

When can you expect a Xiaomi EV?

A Xiaomi-branded electric vehicle may not be an immediate possibility anytime soon. Jun had recently confirmed at the fifteenth annual meeting of the China Entrepreneurs Forum that Xiaomi has no plans to release an electric vehicle for the next three to five years. Xiaomi also is expected to partner with China’s Great Wall Motor Co Ltd and use the brand’s factory for building its own electric cars.

Source link


More articles

Leave a Reply

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

- Advertisement -

Latest article

Fitbit ‘reviewing’ options to turn off Minions badges

If you’re an active Fitbit user who’s recently had a day with some heavy step counts, you might have triggered a new activity...

I wish Danny Boyle had groomed us to be actors, says ‘Slumdog Millionaire’ actor Azhar | Hindi Movie News

Despite several hardships, the child actor from 'Slumdog Millionaire', Azhar Mohd Ismail is not giving up on his dream of being an actor....

Can old traditions and tech help Singapore reach zero waste?

Singapore sees its traditional rag and bone collectors as key to its sustainability plans. Source link

Save now on Amazon devices galore

All products featured here are independently selected by our editors and writers.If you buy something through links on our site, Mashable may earn...

UV Phone Sanitizers Are Everywhere, But Do They Work? Should You Buy One? – Review Geek

PhoneSoapPeople who are desperate to shake the germs off their outrageously dirty phones might be tempted to buy an $80 UV sanitizing booth. And...
- Advertisement -