The Chinese group plans to invest USD 10 billion over the next 10 years
Recently, reports came in that Apple was planning on building a self-driving electric car and now, another smartphone tech giant is set to enter the playing field. Xiaomi, the Chinese tech conglomerate, has announced its expansion into the EV sector with plans to invest in a subsidiary that will focus on the development of smart EVs.
Initially, Xiaomi will invest USD 1.5 billion (Rs 11,016.8 crore) as part of the total USD 10 billion (Rs 73,445.5 crore) planned for the next ten years. Lei Jun, CEO of the Xiaomi Group, will serve as the CEO of the subsidiary as well.
While reports suggest talks of this are at an early stage, a tie-up with an established carmaker like Hyundai would make the endeavour much easier for the tech giant