Xiaomi’s Bold Move: Entering the Electric Cars Market
Xiaomi, a major Chinese electronics company, announces its venture into the electric cars market with a significant investment.
Big news from Xiaomi—yeah, the tech behemoth worth more than RMB 100 billion—they’re diving headfirst into the electric car game as of March 30th. They’re not just dipping a toe in; Xiaomi’s going all in with a brand-new subsidiary focused solely on smart electric vehicles. Starting with a cool RMB 10 billion and planning to pump up to USD 10 billion over the next ten years, they’re serious about this. And guess who’s steering the ship? None other than Lei Jun, Xiaomi’s CEO, who’s adding another CEO title to his business card for this venture. Lei teased on his social media that we’ll get the juicy details on car production at tonight’s Xiaomi Spring product launch. Oh, and Bloomberg spilled the beans that Xiaomi’s probably not getting its hands dirty with assembly—they’re likely outsourcing that to contract manufacturers.