December 05, 2022

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Xiaomi to acquire autonomous driving technology startup Deepmotion for EVs 

Xiaomi acquires Deepmotion for EVs 

Xiaomi to acquire autonomous driving technology startup Deepmotion for EVs 

The smartphones maker Xiaomi has announced that it will acquire autonomous driving technology startup Deepmotion (develops driver assistance software )for about $77.4 million. Through the deal, the Chinese company wishes to push autonomous electric vehicles in the market. Read the complete article to know about Xiaomi acquires Deepmotion for EVs. 

Xiaomi acquires Deepmotion for EVs 

Xiaomi aims to develop Level 4 self-driving technology for its electric offerings. Deepmotion, which develops the driver assistance software will help the company to market the products. Xiaomi President Wang Xiang said that “Through this acquisition, we hope to shorten the time to market for our product.”

The project of making electric vehicles will be led by Xiaomi’s co-founder and CEO Lei Jun personally. The company has already pledged an initial investment of $10 billion over the next decade in the field and the acquisition of Deepmotion is one among many.

The company will hire a spree of 500 engineers for this EV project which will also be a huge employment opportunity. This project is connected with many manufacturers and local authorities for potential partnerships.

Xiaomi had recently announced that it is stepping into the electric vehicles market, it is planning to make electric vehicles. A popular Mobile phones brand will now make electric vehicles as the company is offering affordable mobile phones we can also expect similar for electric vehicles too. It said its first EV will be priced under 35 lakh rupees.

The CEO of the Xiaomi Group, Lei Jun, has unveiled that its first electric vehicle will be either an SUV or sedan and will be priced under CNY 100,000-300,000 (roughly Rs. 11-34 lakh). The company has also announced a new logo which was unveiled at the product launch event. The new logo of the company looks more like a squircle shape.

Jun has also said that the new logo design is more suitable for cars. Xiaomi has already confirmed that it will invest around $10 billion into the smart electric vehicles venture over the next 10 years.

Even though Xiaomi’s beginnings are in electronics, the company also achieved success in the micro-mobility sector. Xiaomi already proved its capabilities with its products and strategy for electronics and it may apply the same formula its upcoming EVs. But the increase in competition from local and global EV manufacturers will make Xiaomi innovate like never before.

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.

Revenue surged 64% to 87.79 billion yuan ($13.6 billion) in the quarter ended June, surpassing the 85.01 billion yuan average of estimates.

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