China’s smartphone maker Xiaomi to invest $10 billion in electric vehicles

Smartphone maker Xiaomi on Tuesday became the latest Chinese company to enter the burgeoning electric vehicle industry in the world’s largest car market, as it announced a $10 billion investment over the next decade.

The company, which is already among the biggest smartphone makers in the world, said in a filing to the Hong Kong stock exchange that it will set up a subsidiary for its smart electric vehicle business, with a 10 billion yuan ($1.52 billion) initial phase of investment.