BUSINESS Xiaomi to invest 10b yuan in smart electric car unit

BUSINESS

Xiaomi to invest 10b yuan in smart electric car unit

By Ma Si | China Daily

20:03, March 30, 2021

The logo of Xiaomi is seen inside the company's office in Bengaluru, India, on Jan 18, 2018. (Photo: Agencies)

Chinese tech company Xiaomi Corp said on Tuesday that it plans to establish a smart electric car unit, with an initial investment of 10 billion yuan ($1.52 billion).

Lei Jun, chairman of Xiaomi, will become the CEO of the wholly-owned unit, and the company plans to invest $10 billion into the smart car business over the next 10 years.

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