Xiaomi has hired Yu Liguo, a former senior executive at state-owned automaker BAIC Motor, to lead its autonomous electric vehicle project.
Autonomous driving technologies are the most crucial part of intelligent and electric vehicles, president Wang said.
Leading automakers have been embracing high-voltage battery systems, a technology and a longer driving range.
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.
Xiaomi posted its fastest pace of revenue growth in the third quarter since its 2018 listing but warned of a ‘supply chain shortage.’
Xiaomi will roll out a more aggressive share buyback initiative following an earlier plan to repurchase up to HK$12 billion worth of stock.
Xiaomi is actively seeking new growth opportunities outside smartphones as global handset sales shrink, and fintech is the answer.