Xiaomi has confirmed its entry into the electric car industry with a new Smart Electric Vehicles company. According to an official announcement, Xiaomi will invest US$10 billion dollars in its new venture over the next decade.
https://www.notebookcheck.net/Xiaomi-confirms-that-it-is-getting-into-the-electric-vehicle-industry-with-a-US-10-billion-investment.530243.0.html
One thing to say: Too little too late.
I don't believe they're fully serious though, probably that they have this much cash to fool around with.