Xiaomi officially registers the electric vehicle business run by the founder


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Xiaomi CEO Lei Yun is holding a press conference on the new Xiaomi logo and Xiaomi car building on March 30, 2021 in Beijing, China.

VCG | Visual China Group | Getty Images

GUANGZHOU, China – Chinese smartphone giant Xiaomi has officially registered its electric vehicle business and said the division has entered a “significant development phase”, the company said.

The name of the subsidiary is Xiaomi EV, Inc., and it was established with a previously announced registered capital of 10 billion yuan ($ 1.55 billion).

In March, the company is based in Beijing announced plans to start an electric car business and invest $ 10 billion over the next decade.

Xiaomi EV now has 300 employees, the company said, and the business is run by founder and CEO Lei Jun.

Xiaomi said its electric vehicle team has “conducted a huge amount of customer research” in the past five months. He also visited industry partners, “continuing with the definition of EV products and forming a team”.

The business has not yet discovered the car.

Earlier this month, Xiaomi announced it was bought Deepmotion autonomous driving company for about $ 77.37 million to “improve the technological competitiveness” of its electric vehicle business.

Read more about electric vehicles from CNBC Pro

Xiaomi, known for its smartphones and other Internet-related hardware, is jumping into an incredibly crowded space in China among start-ups like Nio i Xpeng as well as well-established players including Tesla and BYD, backed by Warren Buffett, a Chinese carmaker.

Shares of Xiaomi rose about 1.4% in afternoon trading in Hong Kong, outpacing the broader Hang Seng index.

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