Xiaomi Auto formally established,with 300 industry top talents

On Wednesday, Lei Jun, Chairman and Founder of Xiaomi, announced via his Weibo account that Xiaomi Auto Co. Ltd has been officially established.

The new unit, to be called Xiaomi EV Inc., opened with registered capital of 10 billion yuan ($1.55 billion) and Xiaomi CEO Lei Jun as its legal representative, Xiaomi said in a statement.

Some 300 staff have so far been employed to join the electric vehicle (EV) unit and it continues to recruit talent, it said.

The smartphone maker, which became the world's second top-selling brand behind Samsung in the second quarter, confirmed its foray into electric cars in March, pledging to invest $10 billion over the next 10 years.

Lei said at the time the push into electric vehicles would mark his "last major entrepreneurial project."

Xiaomi said on Wednesday it has since conducted more than 2,000 interview surveys and visited over 10 industry peers and partners. However, it has revealed few details of its strategy for the automotive sector or vehicle types it intends to launch.

Source :CGTN, Chedongxi

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