Chinese smartphone maker Xiaomi Corp will invest 10 billion yuan ($1.52 billion) in the automotive industry.
This will be a new subsidiary that will manufacture smart electric vehicles over the next ten years.
Lei Jun, CEO of Xiaomi, will serve as CEO of that subsidiary.
Say hello to #XiaomiSmartElectricVehicles.
— Xiaomi (@Xiaomi) March 30, 2021
Xiaomi currently is the third-largest smartphone vendor with a market share of 11.5 per cent, followed by Vivo and OPPO with 10.6 per cent and 8.5 per cent global market share respectively according to a report from Strategy Analytics.