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Chinese Giant, Xiaomi In Plans To Start Production Of Electric Vehicles, Says Report
The announced Xiaomi foray into the electric vehicle sector aims to diversify its mobile and electronic company’s revenue streams, here is what you should know

Xiaomi is on plans to start the production of EV Cars and will be joining the pack of tech giants including Apple, Huawei, and Foxconn joining the automotive space. In the background of its source story from Reuters, the smartphone manufacturer aims to develop electric vehicles in the future.

It is announced that the smartphone manufacturer will use its plant of the Chinese Great Wall Motor Co Ltd.

Xiaomi, one of the largest manufacturers of smartphones in the world, plans to start its first EV in 2023. The vehicles of your product will link in your eco-system to other products.

The technology corporation seeks to market its car as a mass commodity, much as its other computing devices are more widely positioned.

Xiaomi’s Plan To Enter EV Vehicle Industry

Xiaomi's Plan To Enter EV Vehicle Industry

Xiaomi’s Plan To Enter EV Vehicle Industry
Image Credits: Gizmochina.com

The report also reported that Great Wall would provide Xiaomi with engineering consultancy to speed up its EV project. Since the automaker has not previously provided any company’s production services, the collaboration will be announced in both companies as early as next week.

The Hong Kong stock of the Great Wall increased by 15%. Xiaomi, one of the world’s largest smartphone providers, now plans to develop EV’s under its own brand in cooperation with Great Wall Motors, as two sources that refuse to recognize that the knowledge remains unpublicized. Also, the handset manufacturer aims at the consumer market with its hybrid vehicles.

To better manage its revenue sources from the smartphone market, the smartphone maker enters into an intelligent mobility environment which is bound for a rasher-thin profit margin.

Following the study, the share prices of eight-year-old Xiaomi rose by 6.71% on early Friday and the share prices of Great Wall’s Hong Kong and Shanghai increased by more than 8%, respectively 7%.

The Xiaomi movement is part of the recent pattern of tight collaboration between car manufacturers and technology companies in developing smarter cars with innovations such as intelligent cabins and independent driving. In January, Baidu, the Chinese search engine operator, revealed that it intends to produce EVs at Geely’s car factory.

In addition to mobile phones, Xiaomi also manufactures televisions, wearables, scooters, air purifiers,s and rice cookers, for example. Other electronic and internet connectivity products.

Lei Jun, founder, and CEO of the group believes the experience of the technology firm in hardware manufacturing would lead to the acceleration of design and production of its electrical products.

EVs would have a wider role as per these two outlets, close to their electronic goods. Great Wall Motors has not yet provided other businesses with its production services and will also provide engineering consulting services to accelerate the project according to one report. Sadly, Xiaomi and Great Wall all refused to comment on this article so that they remain up to date on more changes.

So it’s confirmed that Xiaomi is in plans to start the production of EV Cars around the world. Are you excited about the new EV Car by Xiaomi? Share what you think with us

Must Read: Xiaomi Teases To Use New “Silicon-Oxygen Anode” Batteries For Its Upcoming Mi 11 Ultra.

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