to set up a major new plant in India. In August 2018, the company announced POCO as a mid-range smartphone line, first launching in India. In Q4 of 2018, the Xiaomi Poco F1 became the best selling smartphone sold online in India. The Pocophone was sometimes referred to as the "flagship killer" for offering high-end specifications at an affordable price. In October 2019, the company announced that it would launch more than 10 5G phones in 2020, including the Mi 10/10 Pro with 5G functionality. On 17 January 2020, Poco became a separate sub-brand of Xiaomi with entry-level and mid-range devices. In March 2020, Xiaomi showcased its new 40W wireless charging solution, which was able to fully charge a smartphone with a 4,000mAh battery from flat in 40 minutes. In October 2020, Xiaomi became the third largest smartphone maker in the world by shipment volume, shipping 46.2 million handsets in Q3 2020. On 30 March 2021, Xiaomi announced that it will invest US$10 billion in electric vehicles over the following ten years. On 31 March 2021, Xiaomi announced a new logo for the company, designed by Kenya Hara. In July 2021, Xiaomi became the second largest smartphone maker in the world, according to Canalys. It also surpassed Apple for the first time in Europe, making it the second largest in Europe according to Counterpoint. In August 2021, the company acquired autonomous driving company Deepmotion for $77 million. Innovation and development In the 2021 review of WIPO's annual World Intellectual Property Indicators Xiaomi was ranked as 2nd in the world, with 216 designs in industrial design registrations being published under the Hague System during 2020. This position is up on their previous 3rd place ranking in 2019 for 111 industrial design registrations being published. On 8 February 2022, Lei released a statement on Weibo to announce plans for Xiaomi to enter the high-end smartphone market and surpass Apple as the top seller of premium smartphones in China in three years. To achieve that goal, Xiaomi will invest US$15.7 billion in R&D over the next five years, and the company will benchmark its products and user experience against Apple’s product lines. Lei described the new strategy as a "life-or-death battle for our development" in his Weibo post, after Xiaomi's market share in China contracted over consecutive quarters, from 17% to 14% between Q2 and Q3 2021, dipping further to 13.2% as of