SHANGHAI (Reuters) - Chinese cell phone creator Xiaomi Corp has officially entered the car business with another savvy electric vehicle (EV) business, the organization declared on Tuesday in a recording.
The firm will at first contribute 10 billion yuan ($1.52 billion) in the entirely possessed auxiliary, with an absolute venture objective of $10 billion throughout the following ten years.
Xiaomi CEO Lei Jun will likewise fill in as CEO of the brilliant electric vehicle unit, the organization added.
The organization's move into the EV business follows comparable strides by other tech monsters, both in China and abroad.
In January, Chinese inquiry monster Baidu Inc declared it would build up an EV unit by means of an association with homegrown vehicle producer Geely Automobile Holdings Ltd.
In February, Reuters announced that ambushed Chinese cell phone monster Huawei Technologies Co Ltd is presently in chats with state-claimed automaker Changan Automobile and different organizations to produce EVs.
Apple Inc has additionally since a long time ago been arranging a passage into the EV market, as per reports.
A week ago Reuters revealed solely that Xiaomi was in converses with collaborate with Chinese automaker Great Wall Motor Co for help in assembling EVs.
Xiaomi declined to remark on the report, while Great Wall said in a trade recording that it had not talked about such an organization with Xiaomi.
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