Xiaomi to launch electric car with new $ 1.5 billion split

Xiaomi has confirmed that it is making an electric car and will launch the vehicle as part of a new division of the brand focused on EVs. The arm responsible for the project will be led by Lei Jun, the current CEO of the Chinese giant, and will receive an initial investment of $ 1.5 billion, according to a statement from the company.

The information was made public by David Liu, who manages the company’s social networks. “Yes, we are going to build an electric car,” said the director.

“For more information, don’t miss our event being held today,” said Liu. The Chinese manufacturer will bring up more details about the electric car in a presentation to be held shortly, but has already provided some information in an official statement.

$ 10 billion in investment

According to the manufacturer, the new division focused on electric cars will receive an investment of approximately $ 10 billion over the next 10 years. “Xiaomi plans to offer high-quality electric vehicles that will allow anyone in the world to enjoy an intelligent life anytime, anywhere,” the statement said.

The company went no further than to confirm the project, but a report from Reuters revealed details possibly related to the vehicle’s manufacture. According to the information, Xiaomi may partner with car maker Great Wall Motor and launch its first electric car in China in 2023.

While the company has not provided estimates for when we will see “Mi Car” on the street, the trend is for competition in the EV sector to intensify in the coming years. In addition to Xiaomi, companies such as Huawei and Apple are also interested in this sector.

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