Xiaomi officially registers electric vehicle business led by founder

Xiaomi CEO Lei Jun retains a press meeting about Xiaomi’s new symbol and Xiaomi’s vehicle constructing on March 30, 2021 in Beijing, China.

VCG | Visual China Team | Getty Illustrations or photos

GUANGZHOU, China — Chinese smartphone big Xiaomi has officially registered its electric powered car organization and stated the division has entered a “sizeable progress period,” the corporation mentioned.

The name of the subsidiary is Xiaomi EV, Inc. and it was set up with a earlier declared registered funds of 10 billion yuan ($1.55 billion).

In March, the Beijing-headquartered business introduced programs to launch an electrical car or truck organization and invest $10 billion above the future decade.

Xiaomi EV now has 300 employees, the business claimed, and the small business is led by the group’s founder and CEO Lei Jun.

Xiaomi said its electric automobile crew has “executed a significant quantity of user study” in the very last five months. It has also frequented market partners even though “pressing in advance with the EV product or service definition and group development.”

The organization has but to unveil a vehicle.

Previously this month, Xiaomi announced it experienced obtained autonomous driving firm Deepmotion for close to $77.37 million to “enrich the technological competitiveness” of its electrical auto small business.

Read a lot more about electrical automobiles from CNBC Professional

Xiaomi, acknowledged for its smartphones and other web-linked hardware, is leaping into an unbelievably crowded space in China among the start out-ups like Nio and Xpeng as properly established players like Tesla and Warren Buffett-backed BYD, a Chinese automaker.

Shares of Xiaomi have been up about 1.4% in afternoon trade in Hong Kong, outperforming the broader Cling Seng index.