Xiaomi reports that it has completed the registration of an electric vehicle (EV) business unit known as Xiaomi EV Inc.
Reported by Reuters. The Chinese company said the business unit was opened with a registered capital of 10 billion yuan and Xiaomi CEO Lei Jun as a legal representative.
So far, around 300 people have been recruited as workers for the EV business unit and in the future the company will still recruit workers.
Xiaomi's move marks the latest milestone in its expansion ambitions into the automotive sector. Earlier in March, the best-selling smartphone company confirmed that it would enter the electric car business and would invest 10 billion US dollars in this business over the next 10 years.
At the time, Lei Jun said the business push into the electric vehicle unit would mark his "last major entrepreneurial project."
Last week, Wednesday (25/8), Xiaomi acquired autonomous vehicle startup Deepmotion for US$77.3 million in an effort to increase the company's research and development (research and development).
Xiaomi also said that the company has conducted more than 2,000 interview surveys and visited more than 10 industry colleagues and partners. However, the company has not disclosed details of its business strategy for the automotive sector or what type of vehicle it will launch despite having talks with several car manufacturers.
Reportedly, Xiaomi is not the only technology company that is planning to develop electric and autonomous vehicles. Other companies such as Huawei, Apple, and Oppo are rumored to be entering the automotive market.
