Xiaomi to invest $10bn in electric vehicle race

Sun Online Desk

31st March, 2021 12:55:05 printer

Xiaomi to invest $10bn in electric vehicle race


Chinese phone maker Xiaomi is wading into electric vehicles with a $10bn (£7.3bn) investment over ten years.

The Chinese tech giant's goal is to "offer quality smart electric vehicles," it said on Tuesday.

Xiaomi is the world's third largest smartphone maker behind Apple and Samsung, according to data firm Canalys.

The company will be entering a fiercely competitive electric car market that also includes rivals Apple and Huawei.

Xiaomi will set up a wholly-owned subsidiary with an initial investment of about $1.5bn, with the company's chief executive Lei Jun heading up the new venture.

There are already hundreds of companies in China jostling for a share of the world's leading market for electric cars.