BEIJING -- China's Xiaomi, the world's second-largest smartphone maker, has taken the next step in its entry into the electric vehicle market with a new unit headed by CEO Lei Jun himself.
The Beijing-based company has invested an initial 10 billion yuan ($1.55 billion) into the new unit, Xiaomi EV, according to a Wednesday news release, and will spend $10 billion in the EV business over the next 10 years.
