Xiaomi revealed plans to produce electric cars with an initial investment of 10 billion USD

Xiaomi pledged to continue to invest up to 10 billion USD. Mr. Lei Jun - currently the Founder, Chairman and CEO of Xiaomi will concurrently hold the position of CEO of the smart electric vehicle business.

Mr. Lei Jun also revealed that he witnessed the thorough decision-making process of the Xiaomi executive team, including research activities on the electric vehicle industry over the past 75 days: 85 meetings with participation experts from more than 200 industry experts, 4 internal management team debates and 2 Board meetings.

Currently, Xiaomi owns an R&D team with more than 10,000 highly qualified experts, which has established the ecosystem for its IoT devices. By the end of 2020, the group held a fortune of up to 108 billion yuan. At the same time, the number of connected devices in Xiaomi's AIoT ecosystem (excluding smartphones and laptops) has reached 324.8 million.