Logo of Phnom Penh Post newspaper Phnom Penh Post - Xiaomi to invest $10B in smart EV business

Xiaomi to invest $10B in smart EV business

Content image - Phnom Penh Post
Xiaomi’s smart electric-vehicle (EV) business would operate under a wholly-owned subsidiary with an initial investment of 10 billion yuan ($1.5 billion). AFP

Xiaomi to invest $10B in smart EV business

Chinese company Xiaomi has announced plans to invest $10 billion in smart electric vehicles (EV) over the course of 10 years.

Lei Jun, its founder, chairman and CEO, said the business would operate under a wholly-owned subsidiary with an initial investment of 10 billion yuan ($1.5 billion).

He will also be CEO of the smart EV business.

Smart EV have transformed the business model of the traditional automotive industry, and Xiaomi has the deepest understanding of the hardware-based internet service business model, Lai said.

“Smart electric vehicles represent one of the largest business opportunities in the next decade and represent an indispensable component of smart living. Entering this business is a natural choice for us as we expand our smart AIoT eco-system.”

Meanwhile, the company recently announced the adoption of a new logo with the design concept “Alive”. It was created by, Prof Kenya Hara of the Musashino Art University in Japan.

Xiaomi’s global smartphone shipments reached 146 million last year, which made it one of the world’s top three. The sales of premium smartphones exceeded 10 million units.

With over 324.8 million connected devices on Xiaomi’s AIoT platform and 86.7 million monthly active users of XiaoAi AI Assistant, it is the leader in the smart home industry.

VIET NAM NEWS/ASIA NEWS NETWORK

MOST VIEWED

  • Cambodia on the verge of national tragedy, WHO warns

    The World Health Organisation (WHO) in Cambodia warned that the country had reached another critical point amid a sudden, huge surge in community transmission cases and deaths. “We stand on the brink of a national tragedy because of Covid-19. Despite our best efforts, we are

  • Phnom Penh placed in two-week lockdown

    The government has decided to place Phnom Penh in lockdown for two weeks, effective April 14 midnight through April 28, as Cambodia continues to grapple with the ongoing community outbreak of Covid-19, which has seen no sign of subsiding. According to a directive signed by Prime Minister

  • Vaccination open to foreigners in Cambodia

    The Ministry of Health on April 8 issued an announcement on Covid-19 vaccination for foreigners residing and working in Cambodia, directing the Ministry of Labour and Vocational Training and local authorities to register them. Health minister Mam Bun Heng, who is also head of the inter-ministerial

  • Cambodia gears up for muted New Year festival

    The recent curfew and restrictions imposed in the capital and other Covid-19 hotspots were intended to break the chain of transmission, Ministry of Health spokeswoman Or Vandine said as municipal and provincial authorities issued new directives banning certain activities during the upcoming Khmer New Year

  • Culture ministry: Take Tuol Sleng photos down, or else

    The Ministry of Culture and Fine Arts has told Irish photographer Matt Loughrey to take down the photos of Khmer Rouge victims at Tuol Sleng Genocidal Museum which he allegedly colourised and altered to show them smiling. The ministry said Loughrey's work is unacceptable, affecting

  • Covid-19 vaccination now obligatory

    Prime Minister Hun Sen on April 11 issued a sub-decree making Covid-19 vaccination compulsory for individuals unless they have a medical certificate proving they have pre-existing health conditions that prevent them from doing so. «This applies to all members of the armed forces and civil servants