Xiaomi officially registers its electric automobile industry and says it has 300 crew

Xiaomi CEO Lei Jun holds a press conference about Xiaomi’s recent emblem and Xiaomi’s automobile building on March 30, 2021 in Beijing, China.

VCG | Visible China Community | Getty Photos

GUANGZHOU, China — Chinese smartphone big Xiaomi has officially registered its electric automobile industry and said the division has entered a “sizable trend section,” the company said.

The determine of the subsidiary is Xiaomi EV, Inc. and it was once web site up with a previously announced registered capital of 10 billion yuan ($1.55 billion).

In March, the Beijing-headquartered firm announced plans to open an electrical automobile industry and make investments $10 billion over the subsequent decade.

Xiaomi EV now has 300 employees, the company said, and the industry is led by the crew’s founder and CEO Lei Jun.

Xiaomi said its electric automobile crew has “conducted a gigantic amount of particular person learn” within the final 5 months. It has also visited exchange companions whereas “urgent forward with the EV product definition and crew formation.”

The industry has yet to unveil a automobile.

Earlier this month, Xiaomi announced it had

bought independent driving firm Deepmotion for round $77.37 million to “toughen the technological competitiveness ” of its electric automobile industry.

Read more about electric autos from CNBC Skilled

Xiaomi, identified for its smartphones and diversified internet-connected hardware, is leaping into an incredibly crowded dwelling in China amongst originate-usappreciate Nio and Xpeng as effectively established avid gamers at the side of Tesla and Warren Buffett-backed BYD, a Chinese automaker.

Shares of Xiaomi were up about 1.4% in aftern oon exchange in Hong Kong, outperforming the broader Dangle Seng index.

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