Chinese smartphone giant Xiaomi has officially registered its electric vehicle business and said the division has entered a “substantial development phase,” the company said.
The name of the subsidiary is Xiaomi EV, Inc. and it was set up with a previously announced registered capital of 10 billion yuan.
In March, the Beijing-headquartered firm announced plans to launch an electric car business and invest $10 billion over the next decade.
Xiaomi EV now has 300 employees, the company said, and the business is led by the group’s founder and CEO Lei Jun.
Xiaomi, known for its smartphones and other internet-connected hardware, is jumping into an incredibly crowded space in China among start-ups like Nio and Xpeng as well established players including Tesla and Warren Buffett-backed BYD, a Chinese automaker.
