Xiaomi Electric Vehicle Announcement
Until now, the news which is circulating about Xiaomi EV plans is unofficial. But now, Xiaomi officially declares about its future EV goals and investments. In their official Twitter post, Xiaomi mentions their plans and budget for entering into EVs. Let’s know more about the official Xiaomi Electric Vehicle Announcement.
About Xiaomi Announcement
Xiaomi plans to invest $10 billion for the next 10 years of this EV project. To initiate the project, Xiaomi utilizes $ 1.5 billion for the requirements. Xiaomi EVs will operate as a total subsidiary of Xiaomi and CEO & founder Lei jun will lead this EV project. The electronic appliance manufacturer aims to diversify into various sectors. Even though the existing smartphone manufacturing division is successful, the profit which Xiaomi receives is very low. In addition to this, most of the electronics and technology in this EV will be from Xiaomi’s ecosystem which is profitable. Also, it is obvious that there is no partnership with any automotive manufacturer unlike it is in previous news.
BREAKING NEWS
Say hello to #XiaomiSmartElectricVehicles.
Get all the information at our #XiaomiMegaLaunch Part II tonight! 19:30 (GMT+8), 2021! pic.twitter.com/gq3Kue2pF1
— Xiaomi (@Xiaomi) March 30, 2021
Factors behind EV entry
As we mentioned previously, diversifying into various sectors and earning from these sources is the primary goal. This plan is considered by Xiaomi after its competitors like Apple, Huawei, etc aims to enter the EV sector. In the present scenario, most of the companies with a non-automotive background are entering EVs with or without partnerships and Xiaomi is one of these companies which aims to succeed in the automobile category too.
In addition to this, China’s encouragement for Electric vehicles and the existing Chinese ecosystem may assist this production goal to be a reality in less time.
Conclusion
Even though Xiaomi’s beginnings are in electronics, the company also achieved success in the micro-mobility sector. Xiaomi already proved its capabilities with its products and strategy for electronics and it may apply the same formula its upcoming EVs. But the increase in competition from local and global EV manufacturers will make Xiaomi innovate like never before.
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