Xiaomi has officially become a car manufacturer

Just recently gg told youthat Xiaomi bought Deepmotion, a company specializing in autonomous driving. And here's some fresh news from the nearly unchallenged leader in the smartphone market.

Chinese smartphone giant Xiaomi has officially registered its electric car business and said the division has entered a "significant development phase."

Facts

The subsidiary is called Xiaomi EV, Inc. and was established with previously announced authorized capital of 10 billion yuan ($1.55 billion).

In March, the Beijing-headquartered company announced plans to launch an electric car business and invest $10 billion over the next decade.

Outlook

Xiaomi EV currently has 300 employees, the company said, and the car business is personally led by group founder and CEO Lei Jun.

Xiaomi said its electric vehicle team has "done a huge amount of research" in the past five months. It has also visited industry partners, "moving forward in defining the EV product and building the team."

Source: cnbc