Chinese multi-profile corporation Xiaomi plans to invade the EV market within the next five years and to invest 10 billion USD into this segment of the market until 2030.
Market observers noticed several years ago that Xiaomi was looking into producing a battery car of its own, but the final decision has only been reached this week.
It remains to be seen what kind of EV it will be. Rumor has it that the company already has a software development team for the project, but will be outsourcing hardware manufacturing to its partners. It is also reported that the company wants to contract a lesser-known car manufacturer for the task.
Xiaomi CEO Lei Jun said he understood that designing a car from the ground up takes between 3 and 5 years, and called it his last project of this magnitude.
In related news, the company has unveiled a motorhome (see our gallery) that many mistook for its first EV. However, the car has nothing to do with that; instead, it is just a one-off Maxus D90 design study meant to showcase various electronic solutions.