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Xiaomi formally registers its electrical automobile enterprise and says it has 300 workers

Xiaomi CEO Lei Jun holds a press convention about Xiaomi’s new emblem and Xiaomi’s automotive constructing on March 30, 2021 in Beijing, China.

VCG | Visible China Group | Getty Photos

GUANGZHOU, China — Chinese language smartphone big Xiaomi has formally registered its electrical automobile enterprise and stated the division has entered a “substantial growth part,” the corporate stated.

The title of the subsidiary is Xiaomi EV, Inc. and it was arrange with a beforehand introduced registered capital of 10 billion yuan ($1.55 billion).

In March, the Beijing-headquartered agency introduced plans to launch an electrical automotive enterprise and make investments $10 billion over the following decade.

Xiaomi EV now has 300 workers, the corporate stated, and the enterprise is led by the group’s founder and CEO Lei Jun.

Xiaomi stated its electrical automobile staff has “carried out an enormous quantity of person analysis” within the final 5 months. It has additionally visited trade companions whereas “urgent forward with the EV product definition and staff formation.”

The enterprise has but to unveil a automotive.

Earlier this month, Xiaomi introduced it had acquired autonomous driving agency Deepmotion for round $77.37 million to “improve the technological competitiveness” of its electrical automobile enterprise.

Learn extra about electrical autos from CNBC Professional

Xiaomi, recognized for its smartphones and different internet-connected {hardware}, is leaping into an extremely crowded house in China amongst start-ups like Nio and Xpeng as nicely established gamers together with Tesla and Warren Buffett-backed BYD, a Chinese language automaker.

Shares of Xiaomi had been up about 1.4% in afternoon commerce in Hong Kong, outperforming the broader Dangle Seng index.

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