Now official: Xiaomi has founded a company that will produce electric vehicles

The Chinese company Xiaomi does not even think to hide its interest in the automotive market. Moreover, this spring, she officially announced the opening of the automotive business and since then began to actively buy startups, one way or another related to automotive technology, electric vehicles and drones. And now Xiaomi has announced that it has officially registered a company that will be engaged in the production of electric vehicles. According to the management of Xiaomi, the new division has already begun its development.

The new company in question is named Xiaomi EV Inc. Its authorized capital is $ 1.55 billion. Interestingly, Xiaomi previously announced its intention to invest about $ 10 billion in the production of electric vehicles over the next ten years. The new division is headed directly by the founder and CEO of Xiaomi Lei Jun. Today, Xiaomi EV employs about 300 specialists. It is noted that the new division has existed for five months and during this time its employees have conducted extensive research on the user audience and established contacts with potential partners in the automotive sector. True, it’s too early to talk about Xiaomi EV’s readiness to present the first full-fledged electric car of the Chinese brand, or at least its prototype.

By the way, at the end of August, Xiaomi bought a full stake in Deepmotion Tech Limited for $ 77.37 million, which is developing technologies for unmanned vehicle control. A few days later, she announced an investment in Motorcomm, one of the leading developers of communication chips for automobiles. But it seems that the Chinese tech giant is not going to stop and at such a pace in a couple of years Xiaomi will loudly declare itself in the automotive market, where it will face serious competition.

It should be noted that Xiaomi is not the only electronics manufacturer showing interest in the car market. The Chinese company Huawei is also interested in the production of electric vehicles. And Apple has been rumored to have been working on the so-called Apple Car for several years, a self-driving car with an electric motor under the hood.