Xiaomi, the Chinese smartphone company, has announced plans to start an electric vehicle company and invest $10 billion over the next ten years.
The company will create a wholly-owned subsidiary and invest a total of 10 billion yuan ($1.52 billion) in the first process.
Lei Jun, CEO of Xiaomi, will also be the CEO of the car division.
In a tweet, Xiaomi said, “Xiaomi hopes to deliver quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere.”
