Xiaomi yesterday announced that it has completed the formal registration of its electric vehicle division. Thus, the Chinese giant has embarked on its ambition to enter the fast-growing green vehicle market.
The enterprise with a registered capital of $ 1.55 billion, which will be called Xiaomi EV Inc, will be headed by the CEO of Xiaomi. At the moment, the division employs about 300 people, but the staff will expand. The company's strategy has not yet been published.
Xiaomi, which became the second-largest smartphone maker after Samsung in the last quarter, announced plans for electric vehicles in March, promising to invest $ 10 billion in this direction over the next 10 years.