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Home Tech Automobile

Xiaomi to invest $10B in a smart electric car project over the next decade

by Kerem Gülen
31 March 2021
in Automobile, Tech
Reading Time: 2 mins read
Xiaomi to invest $10B in a smart electric vehicle project over the next decade
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Today Xiaomi has confirmed in a statement something that has been rumored in recent days, the company plans to invest $10B in a new smart electric vehicle project over the next decade.

Xiaomi smart electric car is on the way

There were some rumors indicating that Xiaomi’s first electric car will be manufactured at a Great Wall Motor Company Limited (GWM) plant, located in Hong Kong. Now the Chinese company has given more details about its new project.

Xiaomi to invest $10B in a smart electric vehicle project over the next decade
The Chinese giant has also joined to the electric car trend

Lei Jun will head the $10B worth project

Lei Jun will head the subsidiary. This is not the first time the Chinese tech giant has entered the motor vehicles segment. A couple of years ago, the company signed an alliance with carmaker Bestune to create an SUV under the Redmi brand. That car, however, was a Bestune T77 SUV customized version with the MIUI operating system, which means it was not created from scratch.

Now, Xiaomi wants to go a step further by manufacturing its own smart electric vehicles. In a statement released before the event, the company has confirmed that the initial investment will reach $10B over the next ten years. The project will take the form of a subsidiary 100% dependent on the parent company with its own funds only, without external investors.

BREAKING NEWS

Say hello to #XiaomiSmartElectricVehicles.

Get all the information at our #XiaomiMegaLaunch Part II tonight! 19:30 (GMT+8), 2021! pic.twitter.com/gq3Kue2pF1

— Xiaomi (@Xiaomi) March 30, 2021

Elon Musk might have changed the future of cars

During the event, Lei Jun, the current CEO of the company, has stated that he will take the lead of Xiaomi’s electric car subsidiary, a segment that has been attracting him since 2013 when he had a meeting with Elon Musk (CEO of Tesla). His goal is to manufacture quality electric cars and they hope to present their first model as soon as possible.

Tags: electric carfeaturedredmiXiaomi

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