Chinese smartphone maker Xiaomi will set up an electric vehicle (EV) unit with an investment of US$10 billion over ten years, joining a competitive electric car market at home. “The Company will set up a wholly-owned subsidiary to operate the smart electric vehicle business,” the consumer electronics giant best known for its smartphones said in a statement . Lei Jun, chief executive officer of Xiaomi Corporation, will concurrently serve as the chief executive of the smart electric vehicle business. “Xiaomi hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere,” the company said. Other smartphone makers, including Apple and China’s Huawei, are also said to be planning moves into the EV market. Late last year, Apple was said to be planning to manufacture an electric passenger vehicle with its own breakthrough battery technology in 2024, in what could be a revival […]