Xiaomi to invest $10B in electric vehicle business

ISTANBUL

Chinese technology giant Xiaomi will invest $10 billion in the electric vehicle business over the course of 10 years, its CEO said on late Tuesday.

"I am willing to put all my personal reputation on the line and fight for the future of our smart electric vehicle," Lei Jun said in a blog.

According to Lei Jun, Xiaomi has the “most extensive” experience in hardware and software integration and has a “smart ecosystem” and “abundant” cash resources that allow the company to invest with confidence.

The firm recently opened a smartphone factory in Istanbul.