China's smartphone maker Xiaomi has officially registered its electric vehicle business. According to CNBC, the name of the subsidiary is Xiaomi EV, Inc. and it has been set up with previously-announced registered capital of 10 billion yuan ($1.55 billion).

The newly formed company currently has 300 employees and the business is led by group founder and CEO Lei Jun. In March, the Beijing-headquartered firm has announced plans to launch an electric car business and invest $10 billion over the next decade.

Notably, Xiaomi recently acquired autonomous driving firm Deepmotion for around $77.37 million to “enhance the technological competitiveness” of its electric vehicle business.

The company said its electric vehicle team has done a lot of user research over the past five months. Moving forward with the EV product definition and team, it has also visited industry partners, the report said. The business has yet to unveil a car, he said.

Xiaomi, known for its smartphones and other Internet-connected hardware, has been incredibly popular in China with start-ups like Neo and Xpeng, as well as established players including Tesla and the Warren Buffett-backed VYD, a Chinese auto company. taking place.

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