Xiaomi completes business registration of its EV unit

The new unit will be called Xiaomi EV Inc., and has opened with a registered capital of US$ 1.55 billion

Chinese smartphone giant, Xiaomi, has announced that the company has officially completed the business registration of its new electric vehicle unit.

The new unit will be called Xiaomi EV Inc., and has opened with a registered capital of US$ 1.55 billion. Xiaomi CEO, Lei Jun, will be the legal representative of the newly formed unit as well.

The EV unit of Xiaomi is already said to have hired 300 employees and is still on the lookout to expand the team further. However, details of their first EV product is yet unknown.

The smartphone giant announced its foray into the global electric vehicle segment back in March 2021. The company then announced that they would be investing a total of US$ 10 billion over a period of 10 years.

Source: Reuters