Xiaomi confirms its making an EV — will setup a $10B entity to build it

Xiaomi confirmed today it’s building an electric vehicle and also setting up a separate entity to do so. In an announcement today, the Chinese tech giant said that for the initial phase it’s investing 10 billion RMB ($1.5 billion). Additionally, Xiaomi plans to invest $10 billion over the coming 10 years. Lei Jun, CEO of Xiaomi, will also serve as the CEO of the new smart EV business. Last week, Reuters reported that the company will use Great Wall Motor Co.’s factory for manufacturing and the first model is expected to arrive in 2023. Till now, Xiaomi hasn’t detailed its…

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