Xiaomi, the Chinese smartphone giant, revealed intentions for start-ups and investment of $ 10 billion for electricity vehicles over the next 10 years.
The corporation will establish a wholly-owned subsidiary and total 10 billion yuan ($1.52 billion) for the initial phase of investments, announced Tuesday.
The CEO of the automobile unit will also be Xiaomi Chief Executive Office Lei Jun. “Xiaomi aspires to offer smart electric vehicles of good quality, which will enable everyone in the world to live intelligently anywhere, anytime.”
The Chinese technology company – the third largest smartphone manufacturer in the world – jumps into an unbelievably competitive area in China.
Xiaomi is not only competitive with renowned car manufacturers, like as the Geely and Warren Buffet-supported BYD but also starters like Nio and Xpeng Motors.
And websites also enter the arena of smart electric vehicles. In January, the chinese search giant Baidu started a stand-alone company for electric cars.
Thanks to strong Beijing policy support, including subsidies, electric automobiles have started out in China.
While certain measures have been decreased, Canalys is forecasting that by 2021, China would sold 1,9 million electric vehicles, indicating an annual increase of 51 percent.
