{"id":65312,"date":"2021-03-30T17:34:45","date_gmt":"2021-03-30T15:34:45","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=65312"},"modified":"2021-03-30T17:34:45","modified_gmt":"2021-03-30T15:34:45","slug":"chinese-smartphone-giant-xiaomi-to-launch-electric-car-business-with-10-billion-investment","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/chinese-smartphone-giant-xiaomi-to-launch-electric-car-business-with-10-billion-investment\/","title":{"rendered":"Chinese smartphone giant Xiaomi to launch electric car business with $10 billion investment"},"content":{"rendered":"

\u00a0Chinese smartphone giant\u00a0Xiaomi<\/a>\u00a0has announced plans to launch an electric vehicle business and invest $10 billion over the next 10 years.<\/p>\n

The company will set up a wholly-owned subsidiary and the initial phase of investment will total 10 billion yuan ($1.52 billion), it said Tuesday.<\/p>\n

\n
Xiaomi Chief Executive Lei Jun will also be the CEO of the car unit.<\/div>\n<\/div>\n

\u201cXiaomi hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere,\u201d the company said in a statement.<\/p>\n

The Chinese technology firm, which is the world\u2019s third-largest smartphone maker, is jumping into an incredibly competitive space in China.<\/p>\n

Not only is Xiaomi competing with established automakers in the country, such a\u00a0Geely<\/a>\u00a0and\u00a0Warren Buffet-backed<\/a>\u00a0BYD<\/a>, but also upstarts such as\u00a0Nio<\/a>\u00a0and\u00a0Xpeng Motors<\/a>.<\/p>\n

And internet companies are also entering the smart electric vehicle arena. Chinese search giant\u00a0Baidu<\/a>\u00a0launched a standalone electric car company in January<\/a>\u00a0and last month\u00a0hired a CEO for that business<\/a>.<\/p>\n

Electric cars have taken off in China thanks to strong policy support from Beijing, including subsidies. Even though some of these measures have been reduced, research firm Canalys forecasts that 1.9 million electric vehicles will be sold in China in 2021, representing year-on-year growth of 51%.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0Chinese smartphone giant\u00a0Xiaomi\u00a0has announced plans to launch an electric vehicle business and invest $10 billion over the next 10 years. The company will set up a wholly-owned subsidiary and the initial phase of investment will total 10 billion yuan ($1.52 billion), it said Tuesday. Xiaomi Chief Executive Lei Jun will also be the CEO of […]<\/p>\n","protected":false},"author":410,"featured_media":65313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6090,984],"tags":[],"yoast_head":"\nChinese smartphone giant Xiaomi to launch electric car business with $10 billion investment - Csr Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/chinese-smartphone-giant-xiaomi-to-launch-electric-car-business-with-10-billion-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese smartphone giant Xiaomi to launch electric car business with $10 billion investment - Csr Egypt\" \/>\n<meta property=\"og:description\" content=\"\u00a0Chinese smartphone giant\u00a0Xiaomi\u00a0has announced plans to launch an electric vehicle business and invest $10 billion over the next 10 years. The company will set up a wholly-owned subsidiary and the initial phase of investment will total 10 billion yuan ($1.52 billion), it said Tuesday. 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