Xiaomi Invests $10 Billion In Smart Electric Vehicle Manufacturin; Taking On Tesla?

|

Xiaomi is a known name in the smartphone space. The Chinese tech giant is one of the world's largest smartphone manufacturers and has gained huge popularity amongst consumers for its value for money products. Over the years, the brand has started catering to the masses with other consumer electronics products enabled with IoT technology such as smart TVs, security cameras, laptops, and others. The brand is now ready to take another leap by foraying in the automobile industry. The brand is gearing up to bring smart electric vehicles to the masses. Here's all you need to know:

Xiaomi Invests $10 Billion In Smart Electric Vehicle Manufacturin

 

Xiaomi Smart Electric Vehicles Arriving Soon?

Xiaomi has officially announced its new venture in the automotive business and will be manufacturing smart EVs otherwise known as smart electric vehicles. The company plans to invest around 10 billion yuan in the initial stage in its wholly-owned subsidiary for smart EVs. Xiaomi aims at an estimated 1$10 billion investment in the same business over the next ten years. Well, this is a part of the company's long terms plans.

The announcement has been made official by the Xiaomi Corporation which has been reposted by Manu Kumar Jain (Xiaomo India CEO) via his official Facebook handle. The new venture by Xiaomi will also be managed by Lei Jun who will serve as the CEO. The company has not given out any other specifics besides the confirmation of its entry into the smart electric vehicle space.

We can't say if the brand will be focused majorly on affordable smart electric cars as it is with smartphones or will cater to the premium category buyers as well. But, we can't rule out the possibility of the former in the initial days. The company is also yet to announce its partnership with any automobile manufacturer for the production of its new smart EV.

 

We can't say by when the company will start selling these vehicles on a commercial level and which all regions the brand will select for this business. It is worth mentioning that Xiaomi isn't the first brand that has announced its venture in the smart electric vehicle industry.

Several reports have surfaced suggesting Huawei and Apple's plan to enter this space as well. It seems all these tech giants are following each other's footsteps to expand their business in the IoT space.

And currently, Tesla is one of the noted names in the EV (Electric Vehicle) space. It would be interesting to see if Xiaomi brings a product to compete head-on with Tesla. But, that might take a while considering Tesla is an existing player in this segment and is consistently making new developments.

Most Read Articles
Best Mobiles in India

Read More About: xiaomi electric vehicles news

Best Phones

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Yes No
Settings X
X