The popular Chinese tech company, Xiaomi has announced its entry into the smart vehicles market today. They also revealed their intention to launch a new wholly-owned subsidiary to work on electric vehicles.
The company will be investing a total of over $10 billion for their new business venture for 10 years. The company’s CEO Lei Jun will also act as the Chief Executive Officer of their new smart vehicles subsidiary.
No official announcement was made as to when their first smart vehicle will be released. Lei Jun did confirm during the 15th annual meeting of the China Entrepreneurs Forum that the company has no plans to release an electric vehicle in the next three to five years.
A report which came out a few days ago said that Xiaomi ‘could’ partner with China’s Great Wall Motor Co. Ltd. They can use the motor company’s factory to build their electric car. Though, both companies declined to comment on the report.
It feels like it will take a long time before we see the first Xiaomi’s smart vehicle. What we do know is that the smart car will be mass-targeted.