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Xiaomi officially registers electric vehicle business led by founder

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Xiaomi CEO Lei Jun holds a press conference about Xiaomi’s new logo and Xiaomi’s car building on March 30, 2021 in Beijing, China.

VCG | Visual China Group | Getty Images

GUANGZHOU, China — Chinese smartphone giant Xiaomi has officially registered its electric vehicle business and said the division has entered a “substantial development phase,” the company said.

The name of the subsidiary is Xiaomi EV, Inc. and it was set up with a previously announced registered capital of 10 billion yuan ($1.55 billion).

In March, the Beijing-headquartered firm announced plans to launch an electric car business and invest $10 billion over the next decade.

Xiaomi EV now has 300 employees, the company said,…



Source cnbc.com

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