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Xiaomi set up a car manufacturing company

Xiaomi continues to actively prepare to enter a new automotive market for itself. As it became known, yesterday, November 18, a second company was created, the name of which directly indicates the connection with the automotive industry.

In September this year, Xiaomi Automobile Co., Ltd was established, and now it has become known about the registration of Xiaomi Automobile Technology Co., Ltd. The legal representative of the new company is Lei Jun himself, the founder and head of Xiaomi. Additionally, it is indicated that the registered capital of the new company is 1 billion yuan (about $ 156.7 million). From the description of this company it is said that it will be engaged in the production of cars and the development of new technologies.

Recall that Xiaomi has officially announced its intention to release its own cars in March this year. The project has already invested 10 billion yuan (about $ 1.57 billion), and over the next 10 years the company intends to allocate about 60 billion yuan (about $ 9.4 billion). Lei Jun intends to oversee the development of electric vehicles directly. The release of the first Xiaomi electric car is expected in the first half of 2024.


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