In March 2021, Xiaomi announced plans to enter the car market. In September, it registered the brand Xiaomi Automobile Co., Ltd. Two months later, the manufacturer established another car company.
Xiaomi CEO Lei Jun has become the head of Xiaomi Automobile Technology Co. Ltd., which was established yesterday, November 18, 2021. The registered capital amounted to 1 billion yuan or $ 157 million. The company will be engaged in the production of vehicles and the development of new technologies for them.
The first Xiaomi cars will appear in 2024. The Chinese tech giant is currently in talks with the Evergrande Group to buy out 65% of its electric car business.
A source: Gizchina