Xiaomi announced its aspirations to enter the electric vehicle (EV) business earlier this year. To set things off, Xiaomi established a dedicated company called the Xiaomi EV Company Limited. To add to the excitement among fans, the corporation has already introduced another automobile company.
The Xiaomi Automobile Technology Co Limited, Xiaomi’s new automobile company, has been registered in Beijing with a total capital of over $156 million. This company will focus on new energy vehicles, vehicle production, and technology development once it is operating.
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The $156 million total capital is less than one-tenth of the $1.56 billion total capital of Xiaomi Automobile Co, which was registered in September. It is unknown what this firm will focus on, but our best bet is that it will work on automotive peripherals and accessories, whereas the first company will concentrate on vehicle manufacturing.
Last but not least, Xiaomi CEO Lei Jun has stated that the business will begin mass-producing its own electric vehicles by 2024. This indicates that Xiaomi’s first electric vehicles are expected to hit the market in the same year.
Xiaomi Home stores will be responsible for EV sales and after-sales services in the future, according to executive Lu Weibing.