Xiaomi confirmed today it’s building an electric vehicle and also setting up a separate entity to do so. In an announcement today, the Chinese tech giant said that for the initial phase it’s investing 10 billion RMB ($1.5 billion). Additionally, Xiaomi plans to invest $10 billion over the coming 10 years. Lei Jun, CEO of Xiaomi, will also serve as the CEO of the new smart EV business. Yes, we are going to build an electric vehicle. #XiaomiEV #XiaomielEctricVehicle For more information, please don't miss out the launch event tonight. — David Liu (@DavidBlueLS) March 30, 2021   Last week,… This story continues at The Next WebOr just read more coverage about: Xiaomi