Business
Xiaomi to invest $10bn in electric vehicle race – BBC News
The Chinese phone maker is entering a competitive market to build electric cars of the future.
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Chinese phone maker Xiaomi is wading into electric vehicles with a $10bn (£7.3bn) investment over ten years.
The Chinese tech giant’s goal is to “offer quality smart electric vehicles,” it said on Tuesday.
Xiaomi is the world’s third largest smartphone maker behind Apple and Samsung, according to data firm Canalys.
The company will be entering a fiercely competitive electric car market that also includes rivals Apple and Huawei.
Xiaomi will set up a wholly-owned subsidiary…
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