Xiaomi is investing billions to build its own electric cars - Android

Xiaomi, known in the electronics industry as the “Apple of Asia,” is venturing into the electric car business and is investing $10 billion in the process. In an announcement last Tuesday, the Chinese giant claims that it will be putting said amount across the span of 10 years through a subsidiary whose focal point would […]

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Xiaomi, known in the electronics industry as the “Apple of Asia,” is venturing into the electric car business and is investing $10 billion in the process.

In an announcement last Tuesday, the Chinese giant claims that it will be putting said amount across the span of 10 years through a subsidiary whose focal point would be “smart electric vehicles.”

As per further company statement, the endeavor will be spearheaded by Xiaomi’s billionaire CEO, Lei Jun, and will require an initial investment of 10 billion yuan ($1.5 billion).