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Electric cars in China

Xiaomi CEO takes charge of new EV unit, leading team of 300

Chinese smartphone maker assembles workforce out of 20,000 applicants

Xiaomi founder and CEO Lei Jun heads the Chinese company's new electric-vehicle unit.   © Reuters

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.

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