On September 30, Chinese tech giant Xiaomi has announced that it will organize a general conference on October 25. The meeting is regarding approve the adoption of Xiaomi EV’s equity incentive plan; Xiaomi slated that over authorization limit of 1 billion shares, considering Xiaomi’s 10% of total shares of EV.

IT ground has learned that Xiaomi is prepped to set the Xiaomi EV team to handle its intelligent electric vehicle business. The primary purpose of an Equity Incentive Plan is to enhance the firm’s financial growth by offering incentive stock options to its employees.

The same concept applies to Xiaomi’s subsidiary firm. It aims to provide quintessential mindful groups with broad opportunities to acquire the proper rights and interests of Xiaomi EV corporation. The company targeting to motivate the team to contribute to Xiaomi EV creates long-term value in the business.

In addition, In March of this year, Xiaomi tech group disclosed that it would start an utterly owned subsidiary firm to manufacture the most delicate innovative electric vehicle business. And it was hailed as a great success by tech enthusiasts.

Xiaomi accurately stated that the first phase of investment for the car would be 10 billion yuan, and it noted that the acquisition would reach the principal amount of 10 billion U.S.dollars in the following years. Xiaomi has also announced that the current CEO of Xiaomi, Lei  Jun, contemporaneously serves as the CEO of the smart electric vehicle business. 

“Xiamo will utilize its current cash stock of 108 billion and R&D team of 10,000 people, and being the world’s top three mobile phone businesses, and world’s best smart ecosystem to build Xiaomi cars,” CEO of Xiaomi Lei  Jun said at Xiaomi spring new product launch conference, 

Xiaomi Automobile corporation is registered in Beijing with a capital of 10 billion yuan. If we take a look into its business, Xiaomi has planned to manufacture new energy vehicles, manufacturing electric cars, and its parts. It is also committed to building vehicle motors and their control panel, vehicle parts and accessories manufacturing (limited to powertrain systems, automotive electronics, critical components for new energy), etc.