Xiaomi said earlier this year that it would enter the smart electric vehicle (EV) industry. The Chinese tech giant introduced the Xiaomi EV Company Limited, the vehicle through which it intends to achieve its dream of producing electric vehicles, to emphasize the importance of the effort to launch its own EVs.
Perhaps to add more vigour to the drive, the company has now revealed Xiaomi Automobile Technology Co., Ltd., its second automobile company.
The Beijing-based company is believed to have a registered capital of 1 billion yuan, with new energy vehicles, vehicle production, and technology research as part of its business scope.
Xiaomi Automobile Co., Ltd, which was founded in September with a registered capital of 10 billion yuan, has a tenth of the registered capital.
Xiaomi’s founder, Lei Jun recently stated that the company plans to begin mass production of its own electric vehicles in the first half of 2024. Xiaomi’s exec Lu Weibing revealed that in the future, the Xiaomi Home stores would be responsible for sales and after-sale services, indicating that the company appears to have figured out all parts of the developing EV sector.
