Leading automakers have been embracing high-voltage battery systems, a technology and a longer driving range.
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 has hired Yu Liguo, a former senior executive at state-owned automaker BAIC Motor, to lead its autonomous electric vehicle project.
BYD is making a play for a bigger share of the electric vehicle (EV) battery market, as local media reported on March 25 that Nio is currently testing BYD’s lithium-ion batteries for use in its electric crossovers, citing people familiar with the matter. Smartphone maker Xiaomi also recently reached an agreement with Fudi Battery, a spin-off of BYD, to test and validate its first car with the automaker’s so-called blade batteries, which boast less risk of overheating than cobalt batteries, according to the report. The companies declined to comment on the report. [36Kr, in Chinese]
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]
The finance ministry of India has demanded Xiaomi pay INR 6.53 ($88 million) in import taxes that the Chinese tech company allegedly owes. Xiaomi’s Indian arm has evaded customs duties by not adding some royalty and license fees into transaction values between Apr. 1, 2017 and Jun. 30, 2020, a statement from the Indian government claimed. The Beijing-based smartphone manufacturer said in a Wednesday response that it has yet to agree with the Indian authorities, adding that the issue is caused by a disagreement on the methodology used to determine the price for imported goods. [CNBC]
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.
Xiaomi posted its fastest pace of revenue growth in the third quarter since its 2018 listing but warned of a ‘supply chain shortage.’