Chinese tech firm joins EV race

Chinese phone maker Xiaomi has announced a £7.3bn investment into EVs over the next 10 years.

Xiaomi, the world’s third largest smartphone maker behind Apple and Samsung, will set up a wholly-owned subsidiary with an initial investment of about £1.1bn, with the company’s chief executive Lei Jun heading up the new venture.

The company has given no indication about whether it will produce budget models or target the top end of the market.