Chinese manufacturer to invest $ 10 billion in developing electric vehicle manufacturing division • Company CEO: "We want to allow everyone in the world to enjoy a smart life everywhere"
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Chinese technology giant Shiomi announced today (Tuesday) that it will invest $ 10 billion in electric vehicle development over the next 10 years.
According to the company, it will establish a wholly-owned subsidiary that will focus on car development, with the initial stage investing totaling $ 1.5 billion.
"Shiomi hopes to offer high-quality smart electric vehicles, to enable everyone in the world to enjoy a smart life anywhere and anytime," the statement said in a statement.
The company's current CEO, Lei Jun, will also serve as CEO of the Electric Vehicles Division.
Shiomi is entering a growing field, which includes names of giant corporations - such as Tesla, Peugeot, Opel and Volkswagen. Last January, Beido, Google's Chinese counterpart, announced that it was entering the electric vehicle field, alongside other companies that had already flooded the local market - including Nio, Xpeng Motors, Geely and also AIways, which arrived in Israel last month.
