Xiaomi EV

History

2023: Obtaining permission from Chinese authorities to manufacture electric vehicles

In August 2023, Xiaomi received approval from the Chinese state plan for the production of electric vehicles, which was an important step towards achieving the smartphone manufacturer's goal of producing cars by early 2024.

2021: Xiaomi set up company to develop $1.55 billion worth of electric vehicles

In early September 2021, Xiaomi officially registered its electric vehicle business. The subsidiary is called Xiaomi EV, its authorized capital amounted to $1.55 billion.

Xiaomi founder and CEO Lei Jun said he feels great support from the automotive industry, since the company has received more than 20 thousand resumes and as of September 1, 2021, Xiaomi EV already officially employs 300 employees.

Xiaomi registered a company to develop electric vehicles with a capital of $1.55 billion

Xiaomi said that its electric vehicle development team conducted a huge number of user research in April-August 2021 conducted more than 2 thousand surveys. Representatives of the company also visited more than 10 industry partners with the main goal of defining the product and forming a team at the next stages. Xiaomi has already promised an initial investment of $10 billion until early 2030.

On August 25, 2021, Xiaomi announced the acquisition of Deepmotion Tech for $77.37 million, a self-driving technology company. This indicates that the holding began to pay special attention to the development of technologies related to the automotive industry. Xiaomi's technological advantages in AI, new materials, as well as other areas will be strong support for starting in the automotive business.

Lei Jun said that he feels great support from the automotive industry, since the company received more than 20 thousand resumes. The Xiaomi EV team carefully selected talented specialists and formed a team of experienced professionals, he added.

As CNBC notes, the strong excitement during the recruitment of engineers and various kinds of specialists to Xiaomi EV has demonstrated that Xiaomi has become a new force that reflects great expectations among various investors.^[1]

Notes