Xiaomi had announced its plan for entering the smart electric vehicle business in the month of March this year. It had notified that the company’s founder and CEO Lei Jun will head this new division. The company had been in talks with many car manufacturers after the announcement for a partnership. But it bore no fruit so far.
In a recent report, it was found that Xiaomi was planning on acquiring a stake in China Evergrande’s electric vehicle unit. But a more recent report from Science Innovation Board Daily claims that the company will manufacture its electric car from scratch and is expecting an official announcement from the company by next week. A popular tipster Digital Chat Station had also shared similar news that Xiaomi is in talks with a renowned auto parts and emission technology supplier. The company is also building a design plan according to Digital Chat Station.
Xiaomi has denied the report of acquiring a stake in China Evergrande Group. The company’s statement claims that they are in talks with several carmakers and hasn’t made any decisions regarding its electric vehicles business. On the other hand, China Evergrande Group said that the talks with Xiaomi are still in their early stage.
Lei Jun had visited the SAIC headquarters last month adding it to the list of the car manufacturing companies that he had visited which includes BYD, Great Wall, Wuling, and others. Xiaomi management is reported to have made 85 industry visits and in-depth exchanges with more than 200 automotive industry experts, four internal management discussions, and two formal board meetings in the past 75 days.
Lei Jun states that Xiaomi is looking forward to provide high-quality smart electric vehicles to provide its customers an appealing smart life. The company is planning to invest around 10 billion yuan in electric vehicle and related business in the coming decade.