Xiaomi will invest $10 billion over the next decade in the development of smart electric vehicles. This project, personally overseen by Xiaomi Chairman Lei Jun, is seen as a new growth engine for the company's future.

Xiaomi officially announced its smart electric vehicle development project during the second part of its new product launch event on the 30th. Prior to this, the company also disclosed the project on the Hong Kong Stock Exchange (HKEX) on the same day.

At the new product launch event, Xiaomi Chairman Lei Jun announced that the initial investment in the business will be 10 billion yuan, and that $1 billion will be invested over the next 10 years. He also said that the development of smart electric vehicles will be operated by a wholly owned subsidiary of Xiaomi.
It was also reported that Chairman Lei Jun will take the lead in the project as CEO of the smart electric vehicle business.

"After much deliberation among all partners, the decision was made, and this will be the last major corporate project of my life," said Chairman Lei Jun. "I want to further enhance my personal reputation and fight for the future of smart electric vehicles. I am determined to lead our team to ensure the success of Xiaomi's electric vehicles."

Xiaomi has recently entered a period of prosperity, laying the foundation for building a smart electric vehicle business.

According to recent financial results, Xiaomi's global smartphone shipments reached 146 million units, ranking it third globally. Furthermore, its premium smartphone sales surpassed 10 million units.

TV sales have ranked first in the Chinese mainland market for eight consecutive quarters. Xiaomi also leads the smart home industry, with over 324.8 million devices connected to its AIoT platform and 86.7 million monthly active users of its XiaoAi AI assistant. By the end of 2020, Xiaomi had 108 billion yuan in cash reserves.