Xiaomi to launch electric car with new $ 1.5 billion split

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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 branch responsible for the project will be headed 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 firm.

The information was revealed publicly by David Liu, who runs the company’s social networks. “Yes, we are going to build an electric car,” said the executive.

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

$ 10 billion in investments

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

The company went no further than confirming the project, but a Reuters report revealed details that may be linked to the vehicle’s manufacture. According to the information, Xiaomi may close a partnership with the automaker Great Wall Motor and launch its first electric car in China in 2023.

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While the company has not given estimates for when we will see “Mi Car” on the streets, the trend is that competition in the EV sector will increase in the coming years. In addition to Xiaomi, companies like Huawei and Apple are also interested in this sector.

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