Xiaomi investing $10 billion over next decade on EV project

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While we are still no closer to knowing when Apple will be revealing its long rumoured electric car, it looks like other technology companies are pushing forward with their plans. Case in point is Xiaomi, which disclosed its EV project in a recent filing where a sizeable investment will be made.

To that end Xiaomi will be making an initial investment of 10 billion yuan ($1.52 billion), with a view to invest roughly $10 billion over the next decade.

“The board of directors of the Company has resolved to commence the smart electric vehicle business. The Company will set up a wholly-owned subsidiary to operate the smart electric vehicle business. The initial phase of investment will be RMB10 billion, with the total investment amount over the course of the next 10 years estimated to be USD10 billion,” explains the company’s announcement.

“Xiaomi hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere,” it adds.

While the project sounds exciting, there seems to be little detail at the moment as to how the EVs would be sold, and more specifically whether it would be under the Xiaomi brand or via a partnership with a Chinese carmaker for example.

We have already seen from Apple Car-related reports that some South Korean firms have been in talks to provide the electric vehicle base for the project, but those talks did not yield anything concrete.

We’ve also seen a number of carmakers announce their attentions to be fully electric by 2030, so there would be opportunity to collaborate on those fronts.

Either way, Xiaomi looks to be taking its EV project seriously, although it may be quite a few years before we see a prototype being tested out on the road. Regardless, appetite to get into EVs is only going to increase in coming years.

[Image – Photo by Andrew Roberts on Unsplash]

Robin-Leigh Chetty

Robin-Leigh Chetty

When he's not reviewing the latest smartphones, Robin-Leigh is writing about everything tech-related from IoT and smart cities, to 5G and cloud computing. He's also a keen photographer and dabbles in console games.