Xiaomi has confirmed his plans to enter the electric mobility business with their own emission-free cars. The Chinese company will invest about 10 billion dollars (8,520 million euros) in the launch of its electric vehicles, which will be added to the scooters, telephones and other electronic devices that it sells under the Mi brand.
The technology company plans to carry out this investment over the next decade, as reported in a communication released in relation to “the development of the group’s latest business.” The goal that Xiaomi has set itself is to offer “smart electric vehicles to allow everyone to enjoy a smart life anytime, anywhere.”
The co-founder and president of Xiaomi, Lei Jun, will lead the new independent division of the same, which will initially invest about 10 billion yuan (about 1,296 million euros) in the production of smart cars, as announced by the company.
Alliance with Great Wall
Depending on the evolution of the market, Xiaomi could end up investing a total of 100,000 million yuan (almost 13,000 million euros) in this project in just three years, sources close to this initiative have assured Bloomberg. The company would contribute 60% of this total amount, while the rest would come from investment funds.
The possible arrival of Xiaomi’s electric car would expand the range of products that the company already has in the market. In addition to its mobile phones, the brand also sells other types of household appliances such as robot vacuum cleaners, pots or even electric scooters.
In this way, Xiaomi joins other technological giants such as Apple O Huawei who also intend to bet on the automobile industry.
Xiaomi’s official communication does not mention possible allies in its new electric mobility business, although it finalizes an agreement with the Chinese automotive giant Great Wall to use its engineering and production capacity for the development of the car and its assembly. Lei Jun has already participated directly or indirectly in the launch of the new Chinese electric car brands NIO and Xpeng.
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