Xiaomi, one of China's leading consumer electronics companies, is preparing to aggressively enter the electric vehicles space.
Since the company's announcement of entering the industry back in March, Xiaomi has been laying the groundwork to put their grand plans into motion.
What's Happening?
- In a recent social media post by company CEO, Lei Jun, he announced that Xiaomi Auto Co. Ltd is now officially established, with a registered capital of $1.5 billion.
- The company is also aggressively hiring, with plans to recruit at least 500 new talents focused on L4 automated driving technology alone.
- Xiaomi has also begun applying for a series of trademarks and patents related to automobiles.
- Xiaomi has also been investing heavily in artificial intelligence and vehicle hardware technology, making a series of 8 investments in chip companies earlier this year.
Why It Matters
- Back in March, Xiaomi announced that the company plans to invest $10 billion into the electric vehicles industry over the next 10 years.
- Since then, the company has been moving swiftly to lay the necessary foundations in order to build electric vehicles at scale.
- Xiaomi, best known for affordable consumer electronics products, could bring significant competition into the growing electric vehicles (EV) market currently dominated by Nio, Xpeng, Tesla, among others.
