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Who doesn’t want in on electric cars these days?INTL

Who doesn’t want in on electric cars these days?

Everyone wants to throw their money at the electric vehicle race, even smartphone makers! China’s Xiaomi (XIACF) announced it is launching a smart EV business, and it will invest around $1.5b in the venture over the next decade.

Conventional carmakers have been transitioning to a full-electric approach, but the EV industry also presents endless opportunities for tech companies as EV cars come with some pretty cool tech. Xiaomi joins the ranks of companies from outside the car industry, like Apple (AAPL), Baidu (BIDU), and even Huawei — all of whom want to capitalize on the opportunity.

why it matters
Since the EV market is getting somewhat crowded (to say the least), winning will be a matter of who stays ahead in the race in the coming years by developing the most innovative technology. Electrifying times ahead indeed!