Xiaomi will enter the EV business, will establish a dedicated subsidiary

30 March 2021, 09:12:08

A month ago, we reported that Xiaomi ponders on entering the EV business. It seems Xiaomi and more specifically - Lei Jun - the company's CEO and co-founder are done pondering and ready to act. The brand will enter the EV business., indeed. This is currently announced during Xiaomi's 2021 New Product Launch Part II event. The brand will create a wholly-owned subsidiary to enter the smart electric vehicle market. The subsidiary will be headed by Lei Jun himself.

News related to Xiaomi

Various Chinese media report that Xiaomi is pondering on entering the EV market. One of the top smartphone vendors in the world has already ventured into the TV market and quite successfully so far. Obviously, it wants to have a chunk of the promising EV market and sees it as a strategic decision that will future-proof the company. In 2013, Lei Jun, co-founder and CEO of Xiaomi, went to the USA twice to visit...

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XPENG Motors - a Chinese EV manufacturer - has announced that it has received a Series C capital funding of US$400 million. The capital comes from "a group of strategic and institutional investors, bringing together an unparalleled combination of corporate and individual investors, as well as renowned private equity firms." An interesting fact here is the Xiaomi will join as a strategic investor. This company is...

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