Tuesday, 30 March 2021

Xiaomi will set up an electric car subsidiary with a $10 billion investment over the next 10 years

Xiaomi’s Mega Launch proved so long that it had to be split into two – Part 1 yesterday brought several Mi 11 and we expected that Part 2 today will bring the company’s first foldable. It could be much more than that, Xiaomi just announced that it is getting into the electric car business. It posted an announcement that it will invest an estimated $10 billion over the next 10 years, starting with an initial investment of $1.5 billion. Xiaomi will set up a wholly-owned subsidiary to run its electric vehicle business. Lei Jun, CEO of Xiaomi, will also serve as CEO of that subsidiary as...

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