On March 30, Xiaomi Group issued an announcement stating that the company's board of directors formally approved the smart electric vehicle business establishment and planned to establish a wholly-owned subsidiary to be responsible for the smart electric vehicle business. The initial investment is RMB 10 billion, and the investment is estimated to be USD 10 billion in the next ten years. Group CEO Mr Lei Jun will concurrently serve as the CEO of the smart electric vehicle business.

As shown in Qichacha APP, as of March 29, 2021, "Xiaomi Technology Co., Ltd." has a total of 6,758 valid patents, among which the 211 patent names and patent abstracts include "engine, navigation, car, driving, radar, and driving" patents.

According to the company's investment and financing, Xiaomi's investment in transportation has reached 17 items. Among them, in 2012, Xiaomi had invested in Mucang Technology. According to the data, Beijing Mucang Technology is a practical application developer focusing on the automotive field; in 2014, Xiaomi invested in Kailide, a manufacturer of in-vehicle intelligent terminal equipment, and Rui Mi, a developer of in-vehicle smart products.