One of the most popular smartphone companies, Xiaomi, has planned to mark its footing in the auto sector with innovative smart electric vehicles(EV). The company said in a filing on Tuesday that it is venturing into the new smart electric vehicle business. According to the sources, Xiaomi will form a separate subsidiary for the auto sector. For this, the company will invest about 1.52 billion dollars initially and over 10 billion dollars will be invested in the next 10 years.
The company has said that Xiaomi CEO Lei Jun will also be the CEO of the Smart Electric Vehicle Unit(EV).
The company will follow the path of other Chinese tech companies to enter the electric vehicle industry. In January this year, Chinese giant Baidu Inc. also announced the development of an electric vehicle unit. Baidu is developing an electric vehicle unit with China’s carmaker Wet Automobile Holdings Limited.
Another Chinese smartphone maker Huawei is also preparing to enter the electric vehicle segment. For this, talks are being held with Chinese state-owned automaker Chang’an Automobile and other electric vehicle manufacturers.
The popular smartphone company, Apple is also planning to launch an electric vehicle. According to media reports, Apple is in talks with several other automotive companies to manufacture electric vehicles. Last month, a media report said that Xiaomi is in talks with Chinese automaker Great Wall Motor Company for a partnership.
While from the auto sector, India’s Bajaj Auto and Europe’s Pierer Mobility AG on Friday announced the signing of agreements for strategic cooperation for the development of electric products in the two-wheeler segment. Bajaj Auto may introduce its first electric two-wheeler in India in 2022. Both companies are working on the development of electric scooters, electric moped, and electric bicycles on the KTM platform. Both these companies are also working on the development of high-end electric motorcycles.
In TEW’s latest article, Electric Vehicles – The future, read more on EVs and know, how EVs are turning out as a game-changer auto sector across the world.