Xiaomi enters the electric automobiles business

Xiaomi has officially announced the registration of its new company, Xiaomi EV Inc. As the name implies, it will be competing in the electric vehicles' market. The news come shortly after the firm acquired DeepMotion, which works on self-driving technologies.

And it looks like Xiaomi has some serious intentions as the initial investment accounts for about $1.5 billion and has already hired over 300 new employees. It plans to add another $1.5 billion to the bill in the next ten years or so.

However, the Chinese tech giant hasn't disclosed much about its new EV arm so we don't really know if we should expect a full-fledged EV car in the future or they will focus on supplying hardware and software solutions for the big automakers.

Via