China smartphone maker Xiaomi to invest $10 billion in new EV unit over 10 years

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SHANGHAI (Reuters) - Chinese smartphone maker Xiaomi Corp has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company announced on Tuesday in a filing.
The firm will initially invest 10 billion yuan ($1.52 billion) in the wholly-owned subsidiary, with a total investment goal of $10 billion over the next ten years.
Xiaomi CEO Lei Jun will also serve as CEO of the smart electric vehicle unit, the company added.
($1 = 6.5647 Chinese yuan renminbi)

(Reporting by Josh Horwitz, editing by Louise Heavens, Kirsten Donovan)
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