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

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Chinese smartphone maker Xiaomi Corp has formally entered the automotive industry with a new smart electric vehicle (EV) 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 $10 billion over the next ten years.Reporting by Josh Horwitz, editing by Louise Heavens, Kirsten Donovan.

The firm will initially invest 10 billion yuan in the wholly-owned subsidiary, with a total investment goal of $10 billion over the next ten years.Reporting by Josh Horwitz, editing by Louise Heavens, Kirsten Donovan
 

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If Xiaomi can produce electric cars with the same level of quality and value for money that they do smartphones, then they'll do well!

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