Popular smartphone manufacturer based in China; Xiaomi, has announced that it has entered into the electric vehicle sector. It has started its venture with an initial investment of 1.52 billion United States Dollars in a subsidiary which it owns entirely. It has placed a total investment target of 10 billion United States Dollars over a period of the next 10 years.
Electric vehicles have become hugely popular in China thanks to a large extent to a strong policy support from Beijing, which also includes a number of subsidies.
While a number of said measures have been significantly reduced Canalys which is a research company, has forecasted that a total of 1.9 million electric vehicles will be sold in China in 2021 alone. This represents a year on year growth of 51 percent.
The Xiaomi Communications Co., Ltd. is a Chinese multinational electronics company which has its headquarters in Beijing. It is involved in the manufacturing of mobile applications, smartphones, consumer electronics, home appliances, shoes, laptops, bags, as well as investments in said products.
Xiaomi is the 4th company in the world to develop its own mobile System On Chip (SoC) capabilities. The first 3 are Apple, Samsung, and Huawei
At the beginning of the second quarter of 2018, Xiaomi became the 4th largest manufacturer of smartphones in the world. It also became the leader in the world’s largest market; China, as well as the second largest market; India.
In addition, it is the 4th most valuable technology startup in the world after receiving 1.1 billion United States Dollars from its investors and subsequently reaching a valuation of more than 46 billion United States Dollars.
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