Chinese Smartphone Giant Makes $10 Billion Bet On EVs ...Middle East

Chinese smartphone maker Xiaomi will set up an electric vehicle (EV) unit with an investment of US$10 billion over ten years, joining a competitive electric car market at home. “The Company will set up a wholly-owned subsidiary to operate the smart electric vehicle business,” the consumer electronics giant best known for its smartphones said in a statement. Lei Jun, chief executive officer of Xiaomi Corporation, will concurrently serve as the chief executive of the smart electric vehicle business.   “Xiaomi hopes to offer…

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