Xiaomi confirms the business registration of its electric vehicle unit- PingWest

Xiaomi confirms the business registration of its electric vehicle unit- PingWest

Xiaomi confirms the business registration of its electric vehicle unit

18 hours ago

Chinese smartphone giant Xiaomi Corporation has completed the official business registration of its electric vehicle unit, the headquarter will locate at Beijing Econmic-Technological Development Area commonly known as Beijing’s Yizhuang new town.

Detail:

Xiaomi’s founder and CEO Lei Jun is legal representative of the new electric vehicle unit named Xiaomi EV Inc and it has registered capital of CNY10 billion.

Xiaomi so far has picked 300 technicians out of 20,000 resumes to be the first batch of employee for the EV unit and it will continue to recruit talent.

Last week, Xiaomi announced it acquired autonomous driving technology startup Deepmotion for over USD77 million, with the aim of boosting research and development on autonomous driving technology.

The deal followed the agreement between Xiaomi and cash-strapped real estate giant Evergrande Group, in which Evergrande agreed selling its automotive unit to Xiaomi for undisclosed amount.

In March, Xiaomi confirmed its plans to launch an electric vehicle business and invest $10 billion over the next 10 years.

At that time, local media reported that Xiaomi is talking with Chinese carmaker Great Wall to produce its own EVs brand, but Lei Jun has yet to confirm the report.

Lei Jun said at the time the push into electric vehicles would mark his "last major entrepreneurial project” and he would put his reputation and dedication into his last venture.

Context:

China is already the world's largest automotive market and a frontrunner in electric vehicle technology. The Chinese government provides support to the industry through subsidies, looser restrictions, and the construction of charging infrastructure.

In July, Xiaomi announced it has surpassed Apple to become the second largest smartphone vendor based on worldwide shipments in the second quarter of 2021, according to the latest numbers from research firm Canalys.

Xiaomi captured 17 percent of global market share, behind Samsung’s 19 percent but ahead of Apple’s 14 percent. Xiaomi’s shipments jump 83% year-over-year in the second quarter, while Samsung grew shipments by 15 percent and Apple by just one percent.

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