Xiaomi will have electric cars: the Chinese giant confirms that it will invest 10 billion dollars to compete against Tesla and the motor sector
Was a secret to you and it has finally been confirmed. Xiaomi has announced that they will invest up to $ 10 billion over the next decade to enter the electric vehicle business.
Xiaomi’s electric car will be a reality, although no further details have been released at the moment. The company has explained in a statement that they will enter compete against Tesla and the rest of the brands in the electric vehicle sector, with an initial investment of 10,000 million yuan, about 1,300 million euros.
Say hello to #XiaomiSmartElectricVehicles.
— Xiaomi (@Xiaomi) March 30, 2021
Lei Jun, current CEO of Xiaomi, will fill the role of CEO of Xiaomi’s electric car business. Without specifying yet if it will be a differentiated division or part of Xiaomi Corporation. The company explains that it will release more details during the second part of the launch event.
According described iFeng, the launch of the electric car is a project that Lei Jun has in mind since at least 2013, when the founder and CEO of Xiaomi visited Elon Musk, CEO of Tesla, on two occasions.