The Chinese smartphone giant Xiaomi Corp is expected to launch a smart electric vehicle business soon. Xiaomi will invest USD 10 billion in a new smart electric vehicle business division, as spotted in an announcement.
Xiaomi will initially invest CNY 10 billion in the wholly-owned subsidiary, with a total investment target of USD 10 billion over the next ten years. The announcement also reveals that Mr. Lei Jun, the Chief Executive Officer of the Group, will work as the Chief Executive Officer of the said smart electric vehicle business.
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Source: Yugatech
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