Xiaomi confirms launch of electric car business, to invest $10 billion over next decade
After months of rumors, Chinese smartphone giant Xiaomi has finally confirmed the launch of its electric car business, joining the increasingly booming market.
Xiaomi's board of directors has approved the creation of a smart electric vehicle business, the smartphone giant said in an announcement
on the Hong Kong Stock Exchange on Tuesday, adding that it plans to set up a wholly-owned subsidiary to handle the business.
The company's initial investment will be 10 billion yuan ($1.5 billion), with an expected investment of $10 billion over the next 10 years.