Xiaomi to make electric vehicles, lays out plan for $10 bn investment

NEW DELHI: Chinese tech giant Xiaomi has now officially confirmed its entry into the electric vehicle (EV) space. The smartphone giant will set up a wholly-owned subsidiary to operate a smart EV business, it said. Xiaomi will initially invest 10 billion yuan ($1.52 billion) into the venture, with the total investment expected tp reach $10 billion over the next ten years. Xiaomi founder and Chief executive Officer Lei Jun will serve as the CEO of the new EV venture.