Wednesday, 31 March 2021

Xiaomi is Set to Start Manufacturing Smart Electric Car


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Xiaomi has just announced that it is entering the electric car market. The company will initially invest 10 billion yuan ($ 1.5 billion) in smart vehicle production before rapidly increasing it in the coming years.
Xiaomi is Set to Start Manufacturing Smart Electric Car


Chinese smartphone maker joins technology giants, Apple Inc. to Huawei Technologies Co., targeting the automotive industry, betting that the cars of the future will become increasingly autonomous and connected.

Depending on progress, Xiaomi could end up investing a total of 100 billion yuan in the project in as little as three years, taking external financing into account, a person familiar with the matter told Bloomberg News before Tuesday’s announcement.

The company will contribute about 60% of the envisioned sum and plans to raise the rest of the funds, said the person, who asked not to be identified because the plans are private.
“We have a deep pocket for this project,” Lei, also Xiaomi’s chief executive officer, said at an event in Beijing. “I’m fully aware of the risks of the car-making industry. I’m also aware the project will take at least three to five years with tens of billions of investment.”
Xiaomi doesn’t plan to invite outside investors to the project as the company wants full control of the car making business, he added. “This will be the last startup project in my career.”

Xiaomi becomes the latest to pile into an already crowded arena, where an array of automakers from Tesla Inc. to local upstarts Nio Inc. and Xpeng Inc. are battling for a slice of the world’s biggest EV market.




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