In Beijing, Mainland China, September 1, 2021 – Entering the month of September, Xiaomi has now officially entered the electric vehicle industry. The company said that they already entered the substantial development phase. Moreover, the company named the subsidiary to Xiaomi EV, Inc. along with the capital amounting to CNY 10 billion (PHP 77.42 billion).
The subsidiary, Xiaomi EV, Inc., has 300 employees and will be led by the group’s founder and CEO Lei Jun.
During the 5 months from the announcement of the Xiaomi EV initiative to the official registration of the EV company, the Xiaomi EV team has conducted a massive amount of user research and industry chain inspections, with more than 2,000 interview surveys and visits to over 10 industry peers and partners, while pressing ahead with the EV product definition and team formation.
It is also worth noting that on August 25th, Xiaomi announced its acquisition of an autonomous driving technology company Deepmotion Tech. This means that the company is creating a pool of talents related to automotive technologies.
Above all, Xiaomi has officially entered the electronic vehicle industry. It will go up against a crowded competition with the likes of Nio and Xpeng as well established players including Tesla and Warren Buffett-backed BYD, a Chinese automaker.