Xiaomi Jumps into Electric Vehicles "Investing $10 Billion Over 10 Years"

Announcement of Smart Electric Vehicle Business Launch
Lei Jun, Founder, "Directly Leading"
Foreign Media Predicts First Car Release in 2023

Photo by Lei Jun, Founder and CEO of Xiaomi, Twitter

[Asia Economy Reporter Cha Min-young] Xiaomi announced plans to invest $10 billion (approximately 11.35 trillion KRW) over the next 10 years in its smart electric vehicle business.

According to foreign media including Bloomberg and GSMArena on the 31st, Xiaomi announced on the 30th (local time) that it will start its smart electric vehicle business. The electric vehicle business will be established and operated as a separate subsidiary wholly owned by Xiaomi.

Xiaomi plans to invest $10 billion over the next 10 years, with an initial investment amount of $1.5 billion (approximately 1.7 trillion KRW).

Lei Jun, Xiaomi's founder and CEO, shared this news on Twitter, stating, "I will personally lead the project." He also posted photos from the 'Xiaomi Mega Launch 2021' event.

Earlier, foreign media reported that Xiaomi was negotiating to produce Xiaomi-branded cars at one of the Chuangcheng Automobile factories in China. There are also expectations that the first electric vehicle will be released around 2023.

Meanwhile, to commemorate this new beginning, Xiaomi also updated its logo. The new logo, characterized by rounded corners, was designed by renowned designer Kenya Hara and embodies Xiaomi's value of being 'alive.'

This content was produced with the assistance of AI translation services.