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Xiaomi announces smart EV business, to invest US$10 billion over ten years

Xiaomi announces smart EV business, to invest US$10 billion over ten years

The logo of Xiaomi is seen outside the brand's store in central Kiev, Ukraine August 7, 2018. REUTERS/Valentyn Ogirenko/Files

SHANGHAI: Chinese smartphone maker Xiaomi Corp has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company announced on Tuesday in a filing.

The firm will initially invest 10 billion yuan (US$1.52 billion) in the wholly-owned subsidiary, with a total investment goal of US$10 billion over the next ten years.

Xiaomi CEO Lei Jun will also serve as CEO of the smart electric vehicle unit, the company added.

(Reporting by Josh Horwitz, editing by Louise Heavens, Kirsten Donovan)

Source: Reuters

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