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Known for his phones, Xiaomi plans to invest billions in electric cars – Taloussanomat

Chinese smartphone maker Xiaomi plans to invest more than $ 10 billion in electric car manufacturing over the next ten years.

According to Xiaom, a billionaire among the company’s founders Lei Jun will lead an independent entity starting with 10 billion yuan, or $ 1.5 billion in initial capital.

Xiaomi thus joins other smartphone companies seeking growth in the vehicle market, such as Apple and Huawei.

According to anonymous sources in the news agency Bloomberg, Xiaomi could invest 100 billion yuan in electric cars in the next three years, part of which would come from sources outside the company.

Manufacturing would take place in conjunction with an as-yet-unnamed contract manufacturer.

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There is a growing demand for electric cars in the Chinese market. Analysis firm Canalys has estimated that sales of electric cars in China could grow more than 50 percent this year. China is currently the world’s largest electric car market.

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