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(Pocket-lint) - Chinese technology firm Xiaomi plans to make and sell its own electric cars.

During its Mega Launch event for the Mi Mix Fold foldable phone, the company's CEO confirmed that it will invest more than $1.5 billion initially in the project. It will follow that up with $10 billion worth of investment over the forthcoming decade.

This came after rumours suggested XIaomi will be using the facilities at the Great Wall Motor Co in its homeland. Great Wall will allegedly provide engineering consultancy for the project.

The cars, which will be fully electric, will be mass market products.

One of the sources of the original rumour claimed that the two companies - Xiaomi and Great Wall - will announce their partnership soon. We're still awaiting to hear additional confirmation on this.

Xiaomi launched several new devices in the week commencing 29 March 2021. This included the Xiaomi Mi 11 Ultra, Mi 11i, Mi 11 Lite, Mi 11 Pro and Mi Mix Fold.

The company has been known to make devices other than mobile phones in the past, but nothing on the scale of a full vehicle.

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It's not sure yet when the first car will run off the production line, but the timing seems reasonable considering the UK and other countries plan to restrict fossil fuel vehicle sales by 2030.

Writing by Rik Henderson. Originally published on 26 March 2021.