Electric Vehicle

Xiaomi to invest $10bn in electric vehicle

Xiaomi announced that it is getting into the electric car business. It said 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, with the company’s chief executive Lei Jun heading up the new venture.

The company has given no indication about whether it will produce budget models or target the top end of the market.

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