Xiaomi Motors Officially Launched with 10 Billion Yuan

SHANGHAI, Sep 1 (SMM) – Xiaomi spokesperson announced on September that Xiaomi Motors Co., Ltd. officially completed the industrial and commercial registration, with a registered capital of 10 billion yuan. Lei Jun, the founder, chairman and CEO of Xiaomi Group, will be the legal representative.

Xiaomi officially announced its plan of car production on March 30 2021, and stated that the investment in the first phase would be 10 billion yuan, and the investment is expected to be $10 billion in the next 10 years.

A Xiaomi spokesperson said that in the five months since the announcement of the car production, the company has conducted wide user research and industry chain inspections, and has built a team of nearly 300 people.

During this period, Xiaomi also invested in a number of automotive supply chain-related companies. Xiaomi acquired DeepMotion, a self-driving technology company in August. It also invested in companies such as Hesai Technology, Zongmu Technology, SVOLT Energy Technology, and Ganfeng Lithium.

Xiaomi's first car model is yet to be determined, and SUV get higher votes on the internet. The car prices are probably between 100,000 and 300,000 yuan, while the most popular price is below 100,000 yuan.