Electric car charger / Photo: Unsplash
Photo: chuttersnap / Courtesy
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Xiaomi continues to consolidate itself as a company that grows by leaps and bounds in the technology sector, the firm has become known for the creation of smartphones endowed with great features at very accessible prices, however, the plans seem to be more ambitious for the company china dedicated to creating electronic equipment.
Xiaomi just announced that it is getting into the electric car business
Yes, the expansion plans are not only limited to cell phones and electronic devices, because The Chinese-born manufacturer recently issued an announcement stating that it will invest an estimated $ 10 billion over the next 10 years, starting with an initial investment of $ 1.5 billion. Xiaomi will establish a wholly owned subsidiary to manage its electric vehicle business. Lei Jun, CEO of Xiaomi, will also serve as CEO of that subsidiary.
A direct competition from Apple?
It looks like the electric vehicle market will be the next battleground for the smartphone giants. Apple is working on a car, trying to find a partner to bring in the car parts, while Apple itself focuses on the battery, autonomous driving technology and other hardware and software features.
But it seems that they are not alone in this, last month it was reported that Xiaomi’s domestic rival, Huawei also wants to enter this sector and give competition to the manufacture of electric cars. The unconfirmed information claimed that the company had approached Changan Automobile (a state-owned automaker), BluePark New Energy Technology and other potential partners to negotiate the possibility of starting this project.
Samsung SDI, for example, already manufactures batteries for electric vehicles, another branch of the Korean giant acquired infotainment maker Harman a few years ago. LG Energy Solutions (which spun off from LG Chem last year) also makes batteries for electric vehicles.
We hope that Xiaomi can soon share more details on how the company plans to convert its smartphone knowledge to the electric vehicle market. It should be remembered that Xiaomi already manufactures popular electric scooters and bicycles that have had a very good acceptance in the market, but it is a great leap to go from that to the production of electric cars and also intend to position itself as a rival for Tesla.
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