Equity Incentive Plan of Xiaomi EV Approved by EGM

Xiaomi Corporation issued an update on Monday stating that the board of directors have announced the equity incentive plan of Xiaomi EV has been approved by a high voter turnout of 97.63% at the extraordinary general meeting (EGM).

Xiaomi announced on the evening of September 30 that it would hold an EGM on October 25 to approve Xiaomi EV’s equity incentive plan, with an authorization limit of 1 billion shares, accounting for 10% of the total issued shares of Xiaomi EV.

Xiaomi EV was established to operate the company’s new smart electric vehicle business. The equity incentive plan of the subsidiary aims to provide qualified talent teams with the opportunity to acquire the equity of Xiaomi EV, so as to encourage the talent teams to create long-term value for Xiaomi EV and the corporation.

The management said that Xiaomi EV has no separate listing financing plan at present, and stressed that the corporation has enough cash flow to support the company to do its best in the automobile business, while the current Xiaomi EV talent incentive plan is to better motivate employees to contribute their utmost.

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On October 19, Founder and CEO Lei Jun said at the Xiaomi Corporation 2021 Global Investor Day that the company is expecting to mass produce its own electric vehicles in the first half of 2024. Lei also pointed out three advantages of the company building its own cars: the Xiaomi model, the Xiaomi brand and users, and the MiOT Ecosystem.