The Chinese company Xiaomi has a long list of products in its line up starting from basic watches, smartphones, portable fans to things like an electric scooter and whatnot, and now the company is stepping into whole new territory of electric cars. A few days ago, Xiaomi’s co-founder and CEO Lei Jun announced that the company has registered Car company for its upcoming electric vehicle segment which will be going by the name of Xiaomi EV if going by the reports.

This isn’t something that the company has announced out of the blues but the company in march already hinted that the Xiaomi brand will be stepping into the EV segment. Xiaomi EV will be a subsidiary wholly owned by Xiaomi and will be investing a total capital of $1.5 billion initially and will further be investing up to $10 billion in the coming 10 years.

This EV project will also be headed by the Company’s CEO Lei Jun and will be his last project before retiring. He also conveyed that “The decision was made after numerous rounds of deliberation among all our Partners, and this will be the final major entrepreneurial project of my life. I am willing to put all my personal reputation on the line and fight for the future of our smart electric vehicle! I am determined to lead my team to fight for the success of the Xiaomi electric vehicle,”.

Although nothing much has been revealed about how the upcoming car will look like or what features will it carry, but the thing known to us is that Xiaomi recently bought the company named Deepmotion, which is an autonomous driving tech company. This reveals that Xiaomi is planning on focusing on developing their cars with autonomous technology to compete in the international markets.

Xiaomi’s current president Wang Xiang also revealed some interesting insights about the upcoming project and preparations for it, like Xiaomi EV currently has a qualified team of 500 experts working on this project which will either be a sedan or an SUV. He also revealed that the car most probably will be costing between RMB 100,000 (about $15,000 USD) and RMB 300,000(about $46,000 USD).

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