Yet to sell a single EV, converted phone maker Xiaomi is already gearing up to introduce extended-range electric vehicles (EREVs) after 2025 and is recruiting engineers.
Xiaomi's co-founder, LEI Jun, made himself CEO of the company's automotive business in 2021 and gave his new division 10 billion yuan (US$ 1.4 billion) to play with. WANG Chuan, another co-founder of Xiaomi, has invested heavily in Li Auto and maintains a close relationship with its CEO, LI Xiang.
An additional US$10 billion (73 billion yuan) in research funding is expected to trickle in over the next ten years. Mass vehicle production is promised for next year.
The limited range of EVs is a deterrent for many. The range of an EREV - basically a re-branded hybrid - is about 50 percent more than an everyday EV.
In addition to Xiaomi, domestic automakers including BYD, Geely, and Leap have also introduced new hybrids this year.
