The Chinese designer and manufacturer company, has officially announced the set up of a second automobile company. Recall that in September this year, the company announced the registration of Xiaomi Automobile Co., Ltd.

Xiaomi Automobile Technology Co., Ltd. was founded with Lei Jun as its legal agent and an RMB 1 billion registered capital. The company is registered in Beijing and its business scope includes new energy vehicle manufacture, technological development, and so on.

Xiaomi announced car production at the end of March this year, and the company plans to create a wholly-owned subsidiary to handle the smart electric vehicle business. The initial investment is RMB 10 billion, with an additional RMB 60 billion expected over the next ten years. Lei Jun will be the CEO of the smart electric vehicle company at the same time.

Xiaomi will leverage its existing cash reserves of 108 billion yuan, an R&D team of more than 10,000 people, the world’s top three mobile phone businesses, and the world’s greatest smart ecosystem to construct Xiaomi automobiles, according to Lei Jun at the Xiaomi spring new product introduction conference.

In October of this year, Xiaomi said that it has assembled a 453-person car team. Xiaomi automobiles are planned to be formally mass-produced in the first half of 2024.

However, it is should be noted that in September, Xiaomi announced the establishment of its vehicle company with a capital of 10 billion Yuan and Lei Jun to head the team. During the launch conference, the Xiaomi Group President Wang Xiang stated that he has felt the car industry’s passion for Xiaomi since his company began producing automobiles. He also stated that the organization had received over 20,000 resumes and the brand has assembled a workforce of around 300 individuals.

Xiaomi is a Chinese-based manufacturer of electronics and related software, home appliances, and household items. Currently, it has established its new automobile company.

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