Xiaomi to launch Electric car with $10 billion investment
Electric cars are a trend in the automotive industry. Apple is currently in the process of building their own electric car. These cars have a low carbon footprint and they can help reduce air pollution.
Xiaomi is not just a smartphone company anymore and they don’t want to be dependent on other product sales for their revenue.
Xiaomi is also working on an electric car that provides autonomous driving and an artificial intelligence assistant for the driver.
Xiaomi, China’s number one phone company, has announced that it will invest $10 billion in an electric car project.
The company is planning to launch electric car with a range of 280 miles and 300 horsepower. The vehicle will be initially launched in China and later on in international markets.
Xiaomi is currently the 2nd largest smartphone manufacturer in the world and has invested $10 billion in China’s first electric car.
This investment will be used to produce 100,000 of such cars per year and to make sure that they are of international standards for safety and quality.
The company aims to create a new category of Chinese-built premium electric vehicles which will not be limited by battery range or power.
The leading investor Lei Jun has said that “the industry is at an inflection point” and that Xiaomi can’t afford not to get into it.
He also went on to say that “electric cars are the future”.
On September 5th, Xiaomi announced that it would be launching its first electric car on September 17 and that the price of the car would be about RMB 35000-$8,000 around 1348500 PKR(Exclude GST and Tax).
The company announcement of investing $10 billion in the project, which is an indication of how serious they are about entering this market.
Xiaomi has been experimenting with cars for a few years now and they seem to be really serious about pushing this product to the public. They have already invested more than $1 billion in research and development and have plans to spend another $2-3 billion on producing their first batch of electric cars. With an investment of $10 billion on electric vehicles, Xiaomi may become the world’s number one maker of electric cars in the future.