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Xiaomi Electric Vehicle business now registered with CNY 10 billion capital

Xiaomi has successfully registered its electric vehicle business with a registered capital of CNY 10 billion (around PHP 77 billion). Read on!
Xiaomi EV is the Chinese giant's electric vehicle arm

Xiaomi EV Inc. now registered officially

Xiaomi EV received an initial investment of CNY 10,000,000,000
Xiaomi EV received an initial investment of CNY 10,000,000,000

The announcement came from Lei Jun, Xiaomi's Founder, in a speech. Xiaomi stated that it already committed USD 10 billion in the electric vehicle business. This will be used for the next 10 years. This was kicked off with a CNY 10 billion initial investment. Xiaomi also doubling down on EV manufacturing to turn their visions into reality.

Xiaomi called upon recruited talents in the autonomous department on Weibo last July to bolster its ranks. By August 25, the company received over 20,000 resumes for the positions available. In those applications, Xiaomi sifted through and chose the best candidates to form its team of 300 employees.

In the 5 months leading to Xiaomi EV's registration, the company has already conducted a lot of research and industry chain inspections. This included over 2,000 interview surveys and visits to over 10 industry peers and partners.

In addition, Xiaomi announced its acquisition of an autonomous driving technology company
called Deepmotion Tech on August 25th. This shows that the company has started to focus on building automotive-related technologies and talents. There are 16,000 engineers at Xiaomi currently and its R&D expenses were nearly CNY 10 billion in 2020.

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