Xiaomi CEO Lei Jun holds a press conference about Xiaomi’s new logo and Xiaomi’s 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 “substantial development phase,” the company said.
The name of the subsidiary is Xiaomi EV, Inc. and it was set up with a previously announced registered capital of 10 billion yuan ($1.55 billion).
In March, the Beijing-headquartered firm announced plans to launch 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 led by the group’s founder and CEO Lei Jun.
Xiaomi said its electric vehicle team has “conducted a massive amount of user research” in the last five months. It has also visited industry partners while “pressing ahead with the EV…