Xiaomi enters the electric vehicle market

In the second act of yesterday's big product launch Xiaomi CEO has announced the launch of its smart electric vehicle business on the Hong Kong Stock Exchange (HKEX). Xiaomi's founder, chairman and CEO said at the announcement that the business will operate under the umbrella of a subsidiary 100%, which Xiaomi will own and invest US$1.5 billion in.

To give you the most authentic details, I'm copying the official Xiaomi press release one by one:

Xiaomi enters the electric vehicle market

$10 billion invested in 10 years to develop new smart electric vehicles as Xiaomi launches new

Budapest, 30 March 2021. - Xiaomi Corporation announced the launch of its smart electric vehicle industry on the Hong Kong Stock Exchange (HKEX). Xiaomi CEO, Xiaomi's founder, chairman and CEO, said at the announcement that the business will operate under the umbrella of a subsidiary 100%, owned by Xiaomi, which will be launched with an investment of US$1.5 billion. Over the next 10 years, Xiaomi plans to invest roughly another US$10 billion. Xiaomi CEO will also become CEO of the Smart Electric Vehicles business.

"The decision was taken after numerous discussions with Xiaomi partners and we see it as an exploration of a whole new area," he said. Xiaomi CEO. As he said, he followed Xiaomi's management team through the decision-making process, their rigorous and detailed research into the electric vehicle market over the past 75 days, the 85 meetings with more than 200 industry experts, four internal management meetings and two board meetings that led to the decision. The unwavering support of Xiaomi fans and their confidence in Xiaomi's values also helped the company to make the decision.

Xiaomi is at the height of its powers, with a solid base to make inroads in a new field, electric vehicles. In a fierce global smartphone race, Xiaomi has now developed the capability to create amazing products. Its R&D division employs more than 10 000 highly skilled professionals, has built an unprecedented network of IoT devices and enjoys the support of a legion of Xiaomi fans worldwide.

Founded in 2010, Xiaomi is committed to continuous innovation and product diversification. Over the years, it has introduced a number of award-winning products, including smartphones and AIoT devices. By 2020, Xiaomi will be the world's third largest mobile phone manufacturer. By Q4 2020, the number of devices connected to Xiaomi's AIoT ecosystem (excluding smartphones and laptops) reached 325 million, making it one of the world's largest consumer IoT platforms.

The announcement of its entry into the electric vehicle market marks a new era in Xiaomi's development, and a clear new strategic vision for the world. By implementing the core strategy of "Smartphone x AIoT" with such momentum, Xiaomi is not only expanding its capabilities in smartphone innovation, but also systemically supporting its new concept of smart living using AIoT to enrich users' lives with comprehensive, convenient and unique experiences.