Chinese smartphone maker Xiaomi is joining the electric vehicle gold rush, pledging to pour $10bn into building a smart car over the next decade.
The Beijing-based company said on Tuesday that it would put in Rmb10bn ($1.5bn) to its initial phase of investment, without specifying a time period.
The push makes Xiaomi the latest tech company to join the stampede into electric vehicles, with search giant Baidu earlier this year announcing it would launch a new marque with carmaker Geely, and US tech group Apple reportedly considering a similar move.
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