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Xiaomi takes on a whole new industry as they start a new electric car business.

Xiaomi is a Chinese-based tech giant, best known for manufacturing smartphones and TVs. However, they now have confirmed that they will be starting an electric car business.

In recent times, there have been many reports on tech companies investing heavily in research and development in the automotive industry. As for established car brands, when they make the move to electric cars, they will most definitely have far more competitors.

Xiaomi's new car business will implement its initial phase of development with $1.5 billion, and then another $10 billion over the next 10 years. Xiaomi's car brand will start off its first sales in China, then gradually offer its products to other countries and markets around the world.

Take a look at the video below by YouTube channel, Later Clips, on the Chinese Smartphone Giant Xiaomi To Launch An Electric Car Business With A Huge $10 Billion Investment.

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