Xiaomi expands its business to electric automobiles industry
Xiaomi has officially registered a new business under its name, Xiaomi EV Inc. Now the smartphone manufacturer will be competing in the electric vehicles’ market.
The news came right after the company acquired DeepMotion, which operates on self-driving technologies.
The company has already invested an initial payment of $1.5 billion and has hired over 300 new employees. The company is planning to add another $1.5 billion to the business in the next ten years or so.
The Chinese mobile manufacturer has not yet revealed any specifics about the new EV arm, so we cannot expect a fully functioning EV car in the near future, or maybe they will focus on supplying hardware and software solutions for the big automakers.
Earlier in July this year, Xiaomi announced that it will open its manufacturing unit in Pakistan in the coming months. This will create more employment opportunities, also the smartphones will be easily accessible to the public at low prices.
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