The newly established electric car manufacturer Xiaomi EV Company Limited has a charter capital of 10 billion yuan (~ 1.5 billion USD).

China’s tech giant Xiaomi showed their determined intention in entering the automobile market. From which, Xiaomi EV Company Limited is founded.

According to GizmoChina, Xiaomi announced that Mr. Lei Quan – its founder, chairman, and CEO – will act as the legal representative of Xiaomi EV Company Limited. Meanwhile, the charter capital of this company is 10 billion yuan (~1.5 billion USD).

In its announcement, Xiaomi announced that it had spent the past 5 months conducting user research and investigating the industry’s supply chain. Xiaomi had conducted over 2,000 interviews and had conversations with over 10 industry partners.

In addition, Xiaomi recently launched a recruitment campaign on the social network Weibo. In less than a month, Xiaomi has received more than 20,000 job applications. Currently, Xiaomi has set up a team of 300 employees for its electric vehicle production project.

In August, Xiaomi bought self-driving car technology company Deepmotion Tech. Currently, they have yet to announce its roadmap in joining the electric vehicle segment. Therefore, it remains unclear whether Xiaomi intends to assemble electric cars on its own, cooperate with an existing company, or hire a manufacturing partner.

Xiaomi’s intention to enter the electric car industry was first announced earlier this year. During which, the Chinese tech firm announced that it was ready to invest 10 billion USD in its electric vehicle company over the next 10 years.

By March 2021, there were rumors of Xiaomi negotiating with Great Wall Motors. The plan for Xiaomi was to use one of the their factories to produce electric vehicles. However, until now, there is little development.

Source: tinxe.vn