After smartphones, home appliances, accessories, and IoT devices, Xiaomi now wants a part of the EV market. At the Mi MIX Fold global launch event, Xiaomi confirmed its intentions of investing $10 billion into its wholly-owned subsidiary. The initial investment figure stands at CNY 10 billion and Xiaomi’s Lei Jun will head the EV firm for the time being. The company did not reveal any information about the planned products.

In its announcement, Xiaomi says that it wants to offer “quality electric vehicles to let everyone in the world enjoy smart living anytime, anywhere.” There’s no mention of the products themselves and no idea on the company’s launch plans. With this announcement, however, Xiaomi will join the ranks of Apple and Huawei as hardcore tech brands foraying into the electric vehicle business.

Xiaomi to make electric vehicles

It remains to be seen how Xiaomi takes on the challenge of building vehicles on its own. Currently, Xiaomi’s only prowess with a product that comes close to personal mobility is demoed by its electric scooters in China. Will Xiaomi target the two-wheeler segment initially or go straightway for the car segment? We need to wait for an answer to that.

Mi Electric Scooter

Image: Mi Electric Scooter

Previously, it was Huawei that announced its plans to build electric vehicles. Speculations via several news reports suggested that Huawei approached China’s Changan Automobile, BluePark New Energy Technology, and other potential partners for the venture. It seems that Huawei will let the car manufacturer work on the car parts while its team focuses on the smart bits.

From the western world, it is Apple who has been long rumoured to be working on an electric car of its own. The iPhone manufacturer is said to be focusing on the autonomous tech, battery, and the software part while it wants a partner from the automobile sector to work on the rest of the car. It was initially rumoured that we could see Apple joining hands with Korea’s Hyundai for its fort electric vehicle.

In comparison, Xiaomi is yet to announce any of its plans on this front. Currently, the company just got done announcing its updated lineup of premium smartphones. The Mi MIX Fold marks its foray folding smartphone business, with a form factor inspired by the Samsung Galaxy Z Fold 2. Xiaomi also announced the Mi 11 Ultra with an ambitious camera setup along with several accessible variants of the Mi 11 flagship.

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