Xiaomi has officially announced that the industrial and commercial registration of the Xiaomi Automobile Co. Ltd. has been completed. The firm has been set up with a registered capital of 10 billion yuan, and the founder, chairman and CEO of Xiaomi Group Lei Jun will personally serve as the legal representative of the new entity.
Xiaomi announced plans to enter the smart cars (EV) sector about five months ago and the company claims to have built a team of 300 members for the smart car business out of more than 20,000 applicants. However, the company isn’t done with the hiring process and is looking for more people to join the team.
According to GizmoChina, Xiaomi has contacted several car manufacturers, including BYD, Great Wall, Wuling, and some other well-known car makers for a partnership nothing has materialized yet. However, it has been reported that Xiaomi is now looking into acquiring a stake in China Evergrande’s Electric Vehicle Unit.
Xiaomi Automobile is aiming to provide customers with high-quality smart electric vehicles (EVs) and while the initial investment of the company is about 10 billion yuan, the company plans to invest around 60 billion yuan over the next 10 years as the business grows.