Smartphone-Maker Xiaomi Might Join Forces With China's BAIC To Build EVs
We're all familiar with Apple's on-off plans to build an electric car, and you can already buy Samsung-branded vehicles in parts of Asia.
Xiaomi previously promised to bring cars wearing its own brand to market by 2024, but problems making that happen have forced it to consider calling in third-party support to hit self-imposed deadlines.
Bloomberg reports that Xiaomi is in talks with Beijing Automotive's BAIC electric car division to develop cars that would carry Xiaomi's badges.
In 2021, Xiaomi announced its plans to enter the EV market via its newly formed Xiaomi Auto Co Ltd. Company, pledging an initial $1.5 billion investment that would be expanded to $10 billion over the next decade.
Rather than encouraging startups with questionable sales projections, Beijing wants to see firms buying out others, or teaming up to develop electric cars.
Xiaomi joining forces with BAIC would meet that criteria, and Bloomberg's sources claim one of the proposals on the table is for Xiaomi to buy a stake in Beijing Hyundai No.2 plant, which is fully licensed to make cars in China.