Chinese mobile phone maker Xiaomi has entered the race to make electric cars. They will invest one trillion dollars in this sector in the next 10 years. The technology giant said on Tuesday that their goal is to showcase smart and quality cars in front of customers. This information was given in a report of BBC online.According to global market research firm Canalis, Xiaomi is second only to Apple and Samsung in making smartphones in the global market. This time they are going to enter the highly competitive electric car market. Here too they are getting Apple and Huawei as rivals.Shaomi will set up a wholly-owned subsidiary with an initial investment of 1.5 billion. Shaomi's chief executive, Loi Jun, will be in charge. In a statement, he said, "This decision has been taken after many rounds of discussions among all our partners. This is a huge undertaking for my company. "However, Xiaomi has not given any indication as to whether it will make affordable cars or luxury cars. There are currently hundreds of electric car manufacturers in China. Several technology giants have also recently joined the initiative. Last January, Baidu formed an alliance with carmaker Gili to make electric-powered smart cars.
Chinese technology giant Alibaba has teamed up with China's largest carmaker Psyche (SAIC) Motors to launch a new brand of electric car. Gili has also recently launched their premium electric car.Research firm S&P says electric cars will account for 20 percent of new car sales in China by 2025. The world's largest electric car maker is the US company Tesla. However, the largest market for electric cars is in China. About half of the global sales are here.