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Official: Xiaomi begins development of electric vehicles and will compete with Tesla and Xiaopeng



Yesterday Xiaomi presented the outstanding Mi 11 Pro and Mi 11 Ultra camera phones, today the innovative Mi Mix 4 with a flexible screen is expected to premiere, but all this news cannot be compared with the official confirmation of the company’s new business – electromobility. Thus, Xiaomi gets into competition in the home market with Tesla and Xiaopeng.

The company’s board of directors has already officially approved the creation of a business for the production of intelligent electric vehicles – that’s what it is called. The company plans to create a subsidiary company that will develop and produce electric vehicles and will report directly to Xiaomi. The name of the electric vehicle brand has not yet been disclosed, but the company announced that it is going to invest $ 100 million in the project over the next 10 years. Xiaomi CEO Lei Jun will act as CEO of the smart electric vehicle business.

The next line of the press release is best cited in its entirety:

Xiaomi hopes that high-quality smart electric vehicles will enable users around the world to enjoy an ubiquitous smart life.

Several conclusions can be drawn from this. First, the company is working on several electric vehicles. Perhaps a whole line. Second: cars will still be sold not only in China, but also in other countries. But at the first stage, they will naturally be offered on the home market. For example, Tesla considers the Chinese market to be the most important for itself: it has great potential and large capacity. Obviously, Xiaomi also understands how promising the home market is in comparison with others, and therefore they will start their electromobile expansion with it.

According to rumors, Xiaomi cars will repeat the fate of the company’s smartphones: that is, they will be technologically advanced and functionally rich, but at the same time inexpensive. In China, they will compete with the low-cost Tesla, which currently carries the preliminary designation Tesla 2. This car is ready, production will start in the summer.

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