HONG KONG/TAIPEI -- Chinese smartphone maker Xiaomi is planning a $10 billion foray into the booming electric vehicle market.
Xiaomi unveiled plans on Tuesday to set up a wholly owned unit to manufacture clean-energy cars, saying it will invest 10 billion yuan ($1.5 billion) for the first phase and an expected $10 billion in the next 10 years. Xiaomi's founder and CEO Lei Jun will lead the new EV unit.
