: Xiaomi registers its EV business, says it has 300 staff #IndiaNEWS #Science Beijing, Sep 2 | Smartphone giant Xiaomi has officially registered its electric vehicle business and said the division has

Xiaomi registers its EV business, says it has 300 staff #IndiaNEWS #Science
Beijing, Sep 2 | Smartphone giant Xiaomi has officially registered its electric vehicle business and said the division has entered a substantial development phase.
According to CNBC, the name of the subsidiary is Xiaomi EV, Inc. and it has been set up with previously-announced registered capital of 10 billion yuan (.55 billion).
The company said that it now has 300 employees and the business is led by the groups founder and CEO Lei Jun.
In March, the Beijing-headquartered firm announced plans to launch an electric car business and invest billion over the next decade.
Xiaomi said its electric vehicle team has conducted a massive amount of user research in the last five months. It has also visited industry partners while pressing ahead with the EV product definition and team formation, the report said
The business has yet to unveil a car, it added.
Earlier this month, Xiaomi announced it had acquired autonomous driving firm Deepmotion for around .37 million to enhance the technological competitiveness of its electric vehicle business.
Xiaomi, known for its smartphones and other internet-connected hardware, is jumping into an incredibly crowded space in China among start-ups like Nio and Xpeng as well as established players including Tesla and Warren Buffett-backed BYD, a Chinese automaker, as per the report.
Source: IANS
The post Xiaomi registers its EV business, says it has 300 staff appeared first on Bhaskar Live English News.

Stock Market NEWS Best intraday tips Intraday Stocks below 100