Xiaomi completes the registration for its EV unit

The latest information coming out from China is that the country’s leading smartphone giant Xiaomi Corp announced that it has completed the official business registration of its electric vehicle unit. This registration marks the latest milestone for the company’s latest push into the automotive sector.

The company announced that its new unit will be called Xiaomi EV Inc, and it opened with registered capital of 10 billion yuan ($1.55 billion) and Xiaomi CEO Lei Jun is its legal representative.

Xiaomi’s EV unit has so far 300 staff that have been employed to join it and it continues to recruit talent. Currently, Xiaomi has climbed the spot of the world’s second top-selling brand behind Samsung in the second quarter, confirmed its foray into electric cars in March, pledging to invest $10 billion over the next 10 years.

The company also stated that it has conducted more than 2,000 interview surveys and has also visited over 10 industry peers and partners. The company also revealed few details of its strategy for the automotive sector or vehicle types it intends to launch.

Xiaomi is moving forward with its drive for EV and the company also purchased autonomous driving technology startup Deepmotion for over $77 million. It stated that this acquisition will boost the research and development of the company.

The Chinese smartphone maker announced its second-quarter earnings last week and its earnings beat the complete estimates of the analysts. And the company’s revenues and net profits increased by 64% and 87.4% respectively.

For more information related to the development stay tuned.

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