Xiaomi plans to make electric cars, new business unit formed

Xiaomi has made a serious advancement in its plans to manufacture electric vehicles, as the company successfully completed the registration of its EV business unit with a capital of 10 billion Yuan.

Xiaomi had announced its entry into the electric vehicle business back in March this year. At the time, Xiaomi chief Lei Jun had shared very little details on the endeavour, except for how he had always wished to pursue electric vehicles. Around half a year since the announcement, the company has finally registered its EV vertical as Xiaomi EV and we now have much more information on how the company plans to proceed further. The new EV company by Xiaomi has been registered with a capital of 10 billion Yuan or Rs 11,000 crore. Xiaomi CEO Lei Jun has been signed as the legal representative of the company, as mentioned in a statement by Xiaomi following the registration. As of now, the company appoints a staff of 300 and continues to hire more people for the new business vertical.