Xiaomi announced an investment of $10 billion for its electric vehicle business

Xiaomi Corp is planning to invest $10 billion in its own electric vehicle (EV) business. The group is expanding its core smartphone business.

It has been in the news that Xiaomi is planning to enter the world of electric vehicles. Previously we also shared news about talks between Xiaomi and Great Wall Motor Co Ltd, where the former was planning to use one of the latter’s factory units to manufacture electric vehicles. And now it’s official.

Xiaomi Corp has officially announced that the company will be investing $10 billion in smart electric vehicle (EV) business. In an online event, Xiaomi CEO Lei Jun said the division would be the “last major entrepreneurial project” in his life. Jun will be heading the smart EV unit.

In the initial phase, the company will invest 10 billion yuan ($1.52 billion) in the unit, with an aim to invest a total of $10 billion over the next ten years.

Xiaomi is not the only one exploring new realms. Earlier this year, Chinese search giant Baidu Inc announced that it would also develop an EV unit, partnering with a local carmaker Geely Automobile Holdings Ltd.

In February 2021, Reuters noted that Huawei Technologies Co Ltd was also found exploring the same domain when the company started talks with state-owned automaker Changan Automobile.

In addition to introducing its own line of electric vehicles, Xiaomi also said that it would release its own-developed computing chips, the Surge C1, an image signal processor (ISP), to enhance a phone’s ability to process high-resolution images and video.

Source: GadgetsNow