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Xiaomi Beyond Technology Devices, Invests to Enter the Electric Car Market
The major smartphone manufacturer, Xiaomi, announced on Tuesday (30), that it will invest US$ 1.5 billion over the next decade in a subsidiary focused on the “smart electric vehicle business.”
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The New Product Launch event presented by Xiaomi was divided into two parts. On Monday (29), the company announced the arrival of the Mi Band 6, along with five new members of the Mi 11 lineup. And on Tuesday (30), Xiaomi took the opportunity to announce the Mi Mix Fold, the brand’s first foldable model boasting high camera technology and audio system, but not only that, Xiaomi also announced that it is entering the electric car business, the next investment field for the company.
Xiaomi stated in a communication to the stock market that the new unit will be led by the billionaire and CEO of the company Lei Jun. The initial investment will be 10 billion yuan (US$ 1.5 billion), the company said.
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Competitors of Xiaomi in the Electric Car Market
Currently, several companies in the technology market are considering investing and operating in the electric car sector. Apple has presented a more mature idea among all competitors, and has even negotiated partnerships with well-known companies in the automotive category.
Besides Xiaomi, Huawei has also shown interest in entering this promising market. Aside from these brands, we also have Tesla, Volkswagen, and General Motors making investments in the electric car market.
About Xiaomi
The company was founded in 2010 by serial entrepreneur Lei Jun based on the vision of “innovation for everyone.” It creates exceptional hardware, software, and internet services. The Chinese company is one of the largest smartphone manufacturers in the world, but it does not stop there, it produces a variety of technology devices, including home security cameras, electric shavers, toothbrushes, lamps, watches, and scooters.
The company’s profit last year increased by 17.5%, which is equivalent to 146.4 million units sold. Regarding this result, the company claims that sales saw a more significant increase in markets outside China.
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