Electric Vehicles from Xiaomi

Chinese electronics manufacturer Xiaomi is planning to make Electric vehicles using the Great Wall Motors factory. 

About the statement

Xiaomi declined to comment, while Great Wall motors mention that there is no discussion about such a partnership. Great Wall’s Hong Kong stock ended up 10.4% and its Shanghai shares gained by their maximum 10% daily limit.

Xiaomi in discussion is to use one of the Great Wall’s facilities in China to make EVs under its Xiaomi brand. Xiaomi will aim its EVs for the mass market, in line with the broader positioning of its electronics. Great Wall Motors will offer its engineering expertise to speed up this EV project and both companies may announce this partnership within a few days.

Behind the scene

Xiaomi is planning to diversify its revenue streams. This is due to the smartphone business which has less profit margin from their largest income source. Also, this co-operation between Xiaomi and the Great wall is against the automakers and tech firms who are working together to develop advanced features of upcoming EVs.

Conclusion

Xiaomi may launch its first EV in 2023. Also, their EV comes with most of the electronic and connectivity devices from Xiaomi’s product ecosystem. Already, Xiaomi is successful in experimenting in the micro-mobility sector with its electric scooter. Apart from the research and development, Xiaomi’s strategy to compete with the EVs in China and across the globe is also something that we need to be curious about.

(Source-Reuters)

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