Xiaomi has officially entered the automotive market after completing its industrial and commercial registration in China. The division is called Xiaomi Automobile Co. Ltd. and it already has 300 employees. Its foray into electric mobility was rumored in February and officially announced in March.
The announcement is accompanied by two relevant news: the rumor that Great Wall Motors would offer consulting to Xiaomi’s engineering team for the creation of its electric vehicles. Besides the rumor that the company is interested in buying Saab to speed up your plans.
Lei Jun, CEO of Xiaomi, in the statement that accompanies the official record of the division explained that they are committed to investing 10 billion dollars during the next ten years. To start, Xiaomi Automobile it already has a registered capital of 1,550 million dollars.
Xiaomi Automobile will need a partner to start production of its electric cars
Even with 300 employees and $ 1,550 million initial investment, Xiaomi Automobile continues to search for a strategic partner to start the production of electric cars. In addition to the Saab purchase rumors, there is talk of conversations with BYD and SAIC. As reported Electrek, have had dozens of meetings with different important players within the industry.
Xiaomi started operations in 2011 launching its first mobile device, and just three years later it became the largest smartphone manufacturer in China. In 2018 they became the fourth largest phone maker in the world.
Since July 2021 Xiaomi is officially the second largest smartphone manufacturer in the world, according to Canalys and Counterpoint. Also in Europe, surpassing Samsung. In recent years they have diversified quite a bit, manufacturing household appliances and IOT devices. Your next big step is definitely electric mobility.