The Strategist

Xiaomi to invest $10B in electric vehicles

03/31/2021 - 03:48

Chinese electronics manufacturer Xiaomi has announced that it is developing electric cars and will invest $10 billion in their production over the next ten years. This was reported by Bloomberg, citing a statement from Xiaomi representatives.

Jon Russell
Jon Russell
The company has already hired engineers to work on software for electric cars. The electric car division will be headed by the company's co-founder, Lei Jun. 

The initial contribution to the development will be $1.5 billion. Xiaomi is going to produce smart electric cars and is also considering outsourcing the cars assembly. According to Bloomberg, Xiaomi is not going to choose established manufacturers for the new project.

Reuters reported last week that Xiaomi intends to produce its electric cars at one of Great Wall automaker's plants, but the automaker has denied any connection to Xiaomi. According to Reuters, Xiaomi's first electric cars are scheduled for release in early 2023.