Xiaomi To Enter Electric Vehicle Market, Plans To Invest $10 Billion
World's third-largest smartphone maker Xiaomi is all set to enter the electric vehicle market. Xiaomi, with an initial investment of $1.5 billion, aims to invest $10 billion in the next 10 years in a wholly-owned venture. Entering the market, the company will compete with leading rivals like Apple and Huawei. According to estimates, "new energy vehicles" will have a 20% share in total car sales in China by 2025.