Xiaomi Announces Entry Into EV Segment With A Planned Investment Worth USD 10 Billion
Published On Apr 01, 2021 04:54 PM By Sonny
It isn’t the first smartphone brand with plans to join the electric vehicle business
The China-based Xiaomi Corporation, renowned for its range of smartphones and smart electronics, is all set to enter the electric vehicle industry. It will be setting up a wholly-owned subsidiary for the new business vertical with a plan to invest USD 10 billion over the next 10 years.
Xiaomi isn’t the first electronics/smartphone manufacturer to consider the EV space, as evidenced by the Apple car project and Google’s foray into electric mobility solutions. It is unclear at this stage if the Chinese brand plans to make passenger EVs or commercial EVs for last-mile travel solutions.
This brand is likely to cater only to the Chinese market at first where EVs are being aggressively pushed by the local government. Xiaomi could leverage its experience and tech from making smartphone batteries and electronic modules to put together smart electric vehicle architecture. The brand may even partner with an established automotive brand in China to speed up the development process.
We got a glimpse of China’s EV future when Great Wall Motors showcased the Ora R1, which was at the time the world’s most affordable EV (once you included the Chinese government’s subsidies and discounts). A small city car with over 300km of claimed range, funky interiors and a feature list that covers all the basics, the Ora R1 has played a significant role in the switch to EVs in China.
Expect more details on the Xiaomi EV business to be revealed in the coming months so stay tuned to CarDekho for updates.
0 out of 0 found this helpful