Xiaomi, a well-known smartphone manufacturer, is set to release an electric vehicle in the market soon. In China, Xiaomi has legally registered as an electric vehicle manufacturer. The Electric vehicle offered by Xiaomi is expected to be high-quality smart electric vehicle.
Presently, Xiaomi is in the initial phase of development in this industry. Xiaomi is expected to inject 10 billion yuan capital (about $1.55 billion) into its electric vehicle company Xiaomi EV. Inc.
Xiaomi has recruited around 300 employees in Xiaomi EV. Inc and is led by Lei Jun, the company’s founder, and CEO. Xiaomi has Picked these employees from 20,000 candidates. The company has already unveiled its intention to join the electric car business in Beijing. For this, the corporation has announced a 10-billion-dollar investment over the next ten years.
Although, after researching for around 5 months finally company has accomplished its dream of entering into Electric vehicle business. Xiaomi has also worked with industry partners on EV product definition and team creation, according to the report.
However, no additional details regarding Electric vehicles have been made public by Xiaomi. To enhance the technology of its electric vehicle company Xiaomi had recently purchased Deepmotion, an autonomous driving company, for $77.37 million.
Let me tell you, that Xiaomi is not the only company to enter into the electric vehicle business as Tesla, BYD, Nio and Xpeng have already joined this race hence it might be very interesting to see that how Xiaomi can compete with these two prominent companies in the future, it could be a tough competition.