Xiaomi’s Second Auto Company Officially Registered With Capital of 1 Billion Yuan

xiaomi
(Source: Xiaomi)

According to Chinese business data inquiry platform Tianyancha, Xiaomi Automobile Technology Co., Ltd. was established on Thursday with a registered capital of 1 billion yuan ($156.65 million), which is the second auto company registered by Xiaomi. Xiaomi cofounder and chairman Lei Jun is serving as the new auto firm’s legal representative, with business covering new energy vehicle manufacturing, lithium ion battery manufacturing and other related areas. According to shareholders’ information, the company is wholly owned by Xiaomi. Since the registration of the first company Xiaomi Auto in September, Xiaomi’s car building project has made further progress.

At Xiaomi‘s spring new product launch conference in March this year, Lei Jun said that the firm will make every effort to build Xiaomi Auto with the existing cash reserve of 108 billion yuan, an R&D team of more than 10,000 people, one of the top three smartphone businesses in the world and the best intelligent ecology worldwide. On September 1, the auto company was officially registered, and its first auto manufacturing factory settled in Yizhuang, Beijing. Public information shows that the firm’s initial investment in the automobile business is 10 billion yuan, and it is estimated that investment in the next ten years will be 10 billion dollars.

In addition, on October 19, the Investor Day, Lei announced that the progress of the company’s automobile work had far exceeded his expectations, and that Xiaomi Auto would begin mass-production in the first half of 2024. Lu Weibing, CEO of Redmi, recently stated on Weibo: Xiaomi House would assume the responsibility of selling and serving Xiaomi Auto in the future, and he compared the future smart electric vehicles to a large smartphone plus whole house intelligence.

SEE ALSO: Xiaomi Auto’s Senior Engineer Rumored to Receive Annual Salary of $93,693 with $156,155 in Share Options

According to public documents, Xiaomi Corporation has applied for several trademarks, including “MiAuto,” “Xiaomi Auto,” “XIAOMICAR” and “MICAR” since April this year. These trademarks involve Class 20 furniture, Class 35 advertising and sales, Class 12 means of transportation and so on of the international classification. Recently, most of them have changed to appear as “registered trademarks” or with a “preliminary announcement.”