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Why Xiaomi dares to advance into EV market?
Chinese smartphone maker Xiaomi has formally entered the automotive industry with a new smart electric vehicle (EV) business, which plans to invest 10 billion yuan ($1.52 billion) in the wholly-owned subsidiary, with a total investment goal of $10 billion over the next ten years. And, Xiaomi CEO Lei Jun will also serve as CEO of the smart electric vehicle unit.
The news about Xiaomi's car manufacturing was once widely discussed in the industry in the past few months, and now behind a paper announcement, it can be seen that Xiaomi's full bet on the car manufacturing track.
In fact, the company's move into the EV industry follows similar steps by other tech giants like Baidu, Huawei, Geely, ect.