Xiaomi announces smart EV business, to invest US$10 billion over ten years

SHANGHAI: Chinese smartphone maker Xiaomi Corp has formally entered the automotive industry with a new smart electric vehicle business, the company announced on Tuesday in a filing.

The firm will initially invest 10 billion yuan in the wholly-owned subsidiary, with a total investment goal of US$10 billion over the next ten years.Xiaomi CEO Lei Jun will also serve as CEO of the smart electric vehicle unit, the company added.

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