Xiaomi’s headquarters in the Xuhui District of Shanghai.
Costfoto | Barcroft Media | Getty Images
GUANGZHOU, China — Chinese smartphone giant Xiaomi has announced plans to launch an electric vehicle business and invest $10 billion over the next 10 years.
The company will set up a wholly-owned subsidiary and the initial phase of investment will total 10 billion yuan ($1.52 billion), it said Tuesday.
Xiaomi Chief Executive Lei Jun will also be the CEO of the car unit.
“Xiaomi hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere,” the company said in a statement.
The Chinese technology firm, which is the world’s third-largest…