Xiaomi is discussing a potential partnership with state-owned automaker FAW Group, according to a Sept. 11 statement from the Jilin provincial government. The Chinese smartphone giant recently launched an electric vehicle subsidiary. Xiaomi had reportedly talked about a partnership with at least two other automakers, including Great Wall Motor and JAC. But both those automakers denied the reports. [Jilin provincial government statement, in Chinese]
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.
Xiaomi is targeting the first half of 2024 to mass produce its first electric vehicle, CEO Lei Jun reportedly said on Tuesday at its annual investor meeting. The company announced an electric vehicle subsidiary in March. Lei said the project is progressing ahead of schedule. Xiaomi shares rose more than 4.68% to HK$22.35 in Tuesday’s morning session. [The Paper, in Chinese]
Consumer electronics brand Xiaomi will set up an electric car manufacturing plant and establish its auto unit headquarters in the Beijing Economic and Technological Development Zone, according to a statement published by authorities in the capital on Saturday. The factory will have a production capacity of 300,000 vehicles with mass production scheduled for 2024, local authorities said. The Chinese smartphone giant has backed a slew of car-related startups this year as part of its RMB 10 billion ($1.52 billion) investment plan to build a complete auto supply chain. [Beijing E-Town statement, in Chinese]
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.
In this episode, the guys are joined by regular guest Michael Norris to review some Q2 earnings highlights of Kuaishou, Tencent, and Xiaomi.
Xiaomi is pouring billions of RMB into the auto sector and placing some big bets on multiple startups to build a complete auto supply chain.