Xiaomi registers its electric vehicle business. We might be seeing electric Mi cars in the coming days.
Xiaomi had officially announced in March 2021 that it would expand its business and revealed its plans to enter the electric vehicle market. The Peking-based company has now released an update and announced that it has completed the registration of its EV division.
It is named "Xiaomi EV Company Limited". The company was registered with a capital of US$1.5 billion.
So far, a staff of 300 have been employed to join the EV unit and it continues to recruit talent, it said. The smartphone maker, which became the world's second top-selling brand behind Samsung in the second quarter is pledging to invest $10 billion over the next 10 years.
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Xiaomi said that it has conducted more than 2,000 interview surveys and visited over 10 industry peers and partners. It has not revealed details of its strategy for the automotive sector or vehicle types it intends to launch.
Xiaomi has purchased autonomous driving technology startup Deepmotion for over $77 million to boost its research and development. Deepmotion Tech develops autonomous driving technologies.
In August, Reuters reported that Xiaomi had entered talks with beleaguered real estate giant Evergrande Group to purchase a stake in the latter's automotive unit.
A Xiaomi spokesperson wrote on the company social media account that it is in touch with several automakers but has yet to decide which one to work with.
The company's share of the global smartphone market has surged following the retreat of its chief rival, Huawei Technologies Co Ltd (HWT.UL) in the face of U.S. government sanctions.
Xiaomi's second-quarter earnings last week beat analyst estimates, with revenues and net profits increasing 64% and 87.4% respectively.
With the entry into EV industry, the company is aiming to revitalize the electric auto industry. In order to fulfill these high expectations, the team that is working on the first Xiaomi smart car has already been significantly expanded. About 300 talented employees are currently working for Xiaomi's EV division.
It seems like Xiaomi could indeed become a noticeable electric automaker in the future and thereby significantly expand its product lineup. Other than smartphones, Xiaomi makes dozens of internet-connected devices including scooters, air purifiers and rice cookers.
Xiaomi’s founder and chief executive, Lei Jun, believes the firm’s expertise in hardware manufacturing will help accelerate the design and production of its EVs according to the company.
The firm plans to launch its first EV around 2023. It says it will enable its cars to connect with other devices in its product eco-system.
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