Old and new companies jostle for smart EV market

Xiaomi

Chinese tech heavyweight Xiaomi announced its foray into the electric car business in late March 2021, and registered its EV business with a registered capital of 10 billion yuan in September.

Lei Jun, CEO of Xiaomi and CEO of its new smart electric car unit, said earlier that the total investment over the next decade is estimated to be $10 billion. At present, Xiaomi's EV division has about 300 employees.

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