China’s Xiaomi announced Tuesday that it will invest $10 billion over the next decade in a subsidiary focused on the “smart electric vehicle business.”
The company said in a stock market filing that the new unit will be led by billionaire CEO Lei Jun. The initial investment will be worth 10 billion yuan ($1.5 billion), the company said.
Xiaomi is one of the world’s biggest smartphone makers but it also produces a range of gadgets including home security cameras, electric shavers and toothbrushes, light bulbs, watches and scooters. The company did not provide further details on its strategy for entering the automotive industry, and whether it will focus on manufacturing, software, or both.
No matter its plans, Xiaomi will face a crowded field of competitors who are trying to produce electric vehicles at scale including Tesla (TSLA) and traditional carmakers such as Volkswagen (VLKAF) and General Motors (GM), all of which have been working for years to develop and sell electric cars…
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