Lei Jun, founder and CEO of Xiaomi, has formalized the birth of Xiaomi EV Company Limited, confirming the company’s commitment to intelligent electric vehicles. In the next 10 years the company wants to invest $ 10 billion to become a leader of this other technological sector. All starting from an initial investment of well 1.3 billion euros.
Xiaomi officially enters the intelligent electric vehicle sector
At the end of March, Lei Jun announced Xiaomi’s official entry into the electric vehicle market. The portentous commitment is to invest a total of 10 billion dollars over the next 10 years. The team will be headed by Lei Jun himself, which today becomes the legal representative of Xiaomi EV Company Limited.
The goal is ambitious but Xiaomi has already started running. On July 28, Lei Jun recruited talent for the autonomous department on Weibo. On August 25, Wang Xiang announced that the company has received over 20,000 resumes. Xiaomi EV has carefully selected the talents and has formed a team of about 300 employees. Experts ready to do the best in the coming years.
But on August 25, the announcement of the acquisition of Deepmotion Tech also arrives. A company expert in autonomous driving that can give Xiaomi the decisive technological advantage. To date there are 16,000 engineers in Xiaomi and its R&D spending was nearly RMB 10 billion (€ 1.3 billion) in 2020.
In the second quarter of 2021, Xiaomi also announced a fachieved records and increased profits. We are at RMB 87.8 billion (€ 11.45 billion). An increase of 64.0% over last year. Net profit comes to RMB 6.3 billion (approximately € 820 million), an increase of 87.4% over the previous year.
Xiaomi has shown that they know become a technology leader in no time. And now it aims at the sector automotive, giving a decisive boost to the entire sector. It remains to be seen what awaits us in the next ten years. Given the many news already in the first months, there will be no need to be bored.