Chinese smartphone maker Xiaomi announced that it has officially entered the automotive industry with its new smart electric vehicle (EV) unit.
The statement that will stimulate the electric car market came from China. China-based phone company Xiaomi has officially announced that it has entered the automotive industry.
It will initially invest 100 billion yuan ($ 10 billion) in the company, which will have a 1.52 percent subsidiary, and its total investment target will be $ 10 billion over the next ten years.
Xiaomi CEO Lei Jun will also serve as the CEO of the smart electric vehicle unit.