Xiaomi HQ, ChinaIoT

Xiaomi registers electric vehicle business with RMB 10 billion capital

Xiaomi Corp. (Xiaomi) has completed the business registration of its Xiaomi EV Inc. with a capital of RMB 10 billion (or around $1.5 billion in today’s exchange rate). This confirmation follows the announcement of Lei Jun, the founder of Xiaomi, early this year, of the company’s commitment to enter the electric vehicle market.

Lei Jun is taking the role of team leader. Recently, he gathered talents for Autonomous Department on Weibo. The Xiaomi EV team has carefully selected talents and formed a team of about 300 employees.

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During the five months from the announcement of Xiaomi EV initiative to the official registration of the EV company, the Xiaomi EV team has conducted user research and industry chain inspections, with more than 2,000 interview surveys and visits to over 10 industry peers and partners, while pressing ahead with the EV product definition and team formation.

Xiaomi also announced the acquisition of autonomous driving technology company Deepmotion Tech on Aug. 25th. This shows that the Group has started to focus on building automotive-related technologies and talents. There are 16,000 engineers at Xiaomi currently and its R&D expenses was nearly RMB 10 billion in 2020.