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Xiaomi, one of China’s largest smartphone and gadget makers, is joining the fray in the country’s booming electric vehicle industry, announcing a long-anticipated plan to produce smart electric cars in the world’s largest auto market.
The Beijing-based company will kick its electric car project off with an initial investment of 10 billion yuan ($1.5 billion), and expects to invest up to $10 billion into the business over the next 10 years, Xiaomi said in a statement on Tuesday after stock market closed in Hong Kong. The company’s founder and chief . . .
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