FILE PHOTO: The logo of Xiaomi is seen inside the company’s office in Bengaluru, India, January 18, 2018. REUTERS/Abhishek N. Chinnappa

SHANGHAI (Reuters) – Chinese smartphone maker Xiaomi Corp has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company announced on Tuesday in a filing.

The firm will initially invest 10 billion yuan ($1.52 billion) in the wholly-owned subsidiary, with a total investment goal of $10 billion over the next ten years.

Xiaomi CEO Lei Jun will also serve as CEO of the smart electric vehicle unit, the company added.

($1 = 6.5647 Chinese yuan renminbi)

Reporting by Josh Horwitz, editing by Louise Heavens, Kirsten Donovan

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