Xiaomi has completed the Industrial and Commercial registration of its automobile company, which has a registered capital of RMB10 billion, and Lei Jun, the phone maker’s founder and CEO, will serve as the new company’s legal representative, Xiaomi announced today.

At the end of March this year, Xiaomi announced its foray into the electric vehicle industry. The initial investment in its car-making company will be RMB10 billion while the total investment in the next 10 years will be around $10 billion. Lei Jun will become the CEO of the new company.