Xiaomi Corp. plans to invest about $10 billion over the next decade to manufacture electric cars, embarking on its biggest-ever overhaul to enter China’s booming EV market.
Billionaire co-founder and CEO Lei Jun will lead a new standalone division that will invest an initial 10 billion yuan ($1.5 billion) on smart vehicle manufacturing, the company said in an exchange filing.
The Chinese smartphone maker joins tech giants from Apple Inc. to Huawei Technologies Co. in targeting the vehicle industry, betting future cars will grow increasingly autonomous and connected.
Depending on progress, Xiaomi could end up investing a total 100 billion