Xiaomi is investing $10 billion in electric vehicle

A smartphone maker is getting into electric cars. And it's not Apple.

China's Xiaomi announced Tuesday that it will invest $10 billion over the next decade in a subsidiary focused on the "smart electric vehicle business." The CNN reports.

A month ago, Xiaomi already said that it was going to produce electric vehicles.
The company estimates the eventual investment in the company in the next 10 years to reach $10 billion. Xiaomi CEO Lei Jun will serve as the CEO of the electric vehicle business, stated the company. Xiaomi plans to make electric vehicles (EVs) using Great Wall Motor’s factory.

This image shows the complete announcements of what Xiaomi plans, It states that the company will start up an electric vehicle business and that the initial investment will be 10Billion RMD.