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Earlier this year, Xiaomi announced its interest in the electric vehicle business and now, the China-based technology giant has officially announced the registration of its new company, Xiaomi EV Inc.

Xiaomi to Start making electric cars

Going by the name, it will be competing in the electric vehicles’ market. The news come shortly after the firm acquired DeepMotion, which works on self-driving technologies.

And it appears Xiaomi has some serious intentions as the initial investment accounts for about $1.5 billion and has already hired over 300 new employees. It plans to add another $1.5 billion to the bill in the next ten years or so.

However, the Chinese tech giant hasn’t disclosed much about its new EV arm so we don’t really know if we should expect a full-fledged EV car in the future or they will focus on supplying hardware and software solutions for the big automakers.

Via 1, Via 2

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