The Chinese company Xiaomi has officially announced its intention to start producing electric vehicles, according to the company's release.

The Xiaomi board of directors decided to create a subsidiary headed by the company's CEO Lei Jun who will deal exclusively with the development of the automotive industry. 

At the first stage, investments will amount to about $ 1.5 billion, but in the next 10 years the volume of investments in the production of electric vehicles will amount to $ 10 billion.

Xiaomi was created in April 2010 and at this stage is one of the four leading smartphone manufacturers in the world.