Autonomous driving technologies are the most crucial part of intelligent and electric vehicles, president Wang said.
The verdict means that Xiaomi has finally shaken off a geopolitical burden that weighed down its shares since earlier this year.
The cell phone maker known as ‘the Apple of China’ has backed EV companies Nio and Xpeng. Its entry is expected to shake up China’s car market.
Xiaomi asked the court remove it from a defense blacklist that bans Americans from investing in companies linked to the Chinese military.
The world’s fourth-biggest phone maker Xiaomi now pledges to develop high-quality EVs with a ‘best-in-class’ connected device ecosystem.
Huawei is losing its status as a smartphone powerhouse in 2021, with a smartphone shipment forecast putting it in seventh place among global vendors.
The startup also sued Tencent for patent infringement, demanding RMB 80 million for using patented technology in Tencent’s mapping service.
Zhang will move to focus on long-term strategy and social responsibility of ByteDance. Co-founder Liang Rubo will take his place.
Xiaohongshu, the $6 billion firm backed by Alibaba and Tencent, could join an increasing list of Chinese tech firms heading to the public markets.