Xiaomi completes registration of its electric vehicle business, paving the way for a potential Mi car

Back in March 2021, Xiaomi officially announced that it would drastically expand its business and revealed its plans to enter the electric vehicle market. In a new post on its official blog, the Peking-based company has now released an update and announced that it has completed the registration of its EV division, which officially carries the name "Xiaomi EV Company Limited". The company was registered with a capital of US$1.5 billion, but Xiaomi plans to invest much more money into its latest business endeavor.

The Chinese corporation has already claimed that it would invest up to US$10 billion in its EV business in the next ten years. With that large sum of money, the company is aiming to revitalize the electric auto industry. In order to fulfill these high expectations, the team that is working on the first Xiaomi smart car has already been significantly expanded. About 300 talented employees are currently working for Xiaomi's EV division.

Furthermore, Xiaomi announced that it has recently acquired Deepmotion Tech, a company that develops autonomous driving technologies. All in all it seems like Xiaomi could indeed become a noticeable electric automaker in the future and thereby significantly expand its product lineup. Nevertheless, we expect that it will still release intriguing smartphones like the budget-friendly Xiaomi Mi 11 Lite (from US$329 on Amazon), which garnered a rating of 84% in our review.