Chinese smartphone maker Xiaomi (OTC:XIACF) Corp has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company announced on Tuesday in a filing.
The firm will initially invest 10 billion yuan ($1.52 billion) in the wholly-owned subsidiary, with a total investment goal of $10 billion over the next ten years.
Xiaomi CEO Lei Jun will also serve as CEO of the smart electric vehicle unit, the company added.