Xiaomi will be involved in the EV business with an investment of $10 billion

Xiaomi is not the only smartphone manufacture. They are making a lot of other electronic stuff as well. And now the company interested in a new category – Electric Cars – and Xiaomi plans to invest $10 billion in EV manufacturing over the next decade.

The Company reveals its plans about the EV business in an exchange filing. Xiaomi will set up a wholly-owned subsidiary to run the electric vehicles business with starting investment of 10 billion yuan (~$1.5 billion). CEO Lei Jun will be the head of the EV Business.

“Xiaomi hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere,”. Xiaomi wrote this on their filling, so we can guess those EVs is not going to be restricted to China. Hopefully, they will be available globally

The company has not yet confirmed an exact date of when the Xiaomi car will be released to customers.

With this new step, Xiaomi will compete against other giant smartphone manufacturers such as Huawei and Apple looking to enter the electric vehicle business Huawei is reportedly talking with vehicle manufacturers to launch electric vehicles under the Huawei brand. Apple is also rumored to be involved in the electric vehicle business.   

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