Autonomous driving technologies are the most crucial part of intelligent and electric vehicles, president Wang said.
US investors will be prohibited from buying Xiaomi shares and will have to divest their holdings by November, according to the executive order.
Xiaomi asked the court remove it from a defense blacklist that bans Americans from investing in companies linked to the Chinese military.
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.
The world’s fourth-biggest phone maker Xiaomi now pledges to develop high-quality EVs with a ‘best-in-class’ connected device ecosystem.
Xiaomi is the world’s second-largest smartphone maker by market share; its entry into the growing EV market may bring new competition to Nio, Xpeng, and Li Auto.
Huawei is losing its status as a smartphone powerhouse in 2021, with a smartphone shipment forecast putting it in seventh place among global vendors.
China, the world’s largest semiconductor market, is highly reliant on foreign technology and aims to make 70% of the chips it uses by 2025.
The startup also sued Tencent for patent infringement, demanding RMB 80 million for using patented technology in Tencent’s mapping service.