Xiaomi Has Officially Started Developing Electric Cars

Chinese manufacturer Xiaomi has officially registered its electric car business. The subsidiary for the development and production of electric models was named Xiaomi EV Inc.

AMPERCAR.com has learned that the authorized capital of the new venture was 10 billion yuan (about $155,000,000). The company has already hired about 300 specialists to work on the electric car project and, according to the press release, this is just the beginning of a new milestone in the history of the company.

It is also known that Xiaomi intends to invest at least 10 billion dollars in the production of electric cars over the next 10 years.