Xiaomi, from smartphones to the electric car market

ROME – Xiaomi, the Chinese technology giant that has developed an ecosystem around smartphones ranging from electric scooters to air conditioners, up to kitchen appliances, has announced its entry into the electric car market. As he communicated to investors, the Company’s board of directors has decided to create a wholly owned subsidiary to manage the smart electric vehicle business. The initial phase of the investment will be 10 billion rmb, (1.3 billion euros) for a total amount of investment over the next 10 years estimated at 8.5 billion euros.
Lei Jun, chief executive of the group, will be chief executive of the intelligent electric vehicle industry.