Friday, 24 March, 2023

Xiaomi plans to invest $10 bn into EVs, Co-founder Lei Jun to lead department

<p>Xiaomi to invest about $10 bn over the next 10 years in the manufacturing of electric cars. The billionaire co-founder of Xiaomi Lei Jun will lead the new standalone vertical and spearhead the smartphone manufacture&#39;s entry into the huge but unfamiliar and competitive territory. Initially, Xiaomi will invest $1.5 bn in the manufacturing of smart vehicle and ramp it up rapidly in the years to come. Xiaomi&rsquo;s stock rose 6.1% Wednesday in Hong Kong.</p>