Smart Phone Giant Xiaomi to Enter EV Market

China’s Xiaomi – the world’s third-largest maker of smartphones– has announced plans to establish an electric vehicle business and invest a whopping $US10 billion ($AU13.1 billion) into the project over the next decade.

Xiaomi’s founder and current Chairman and CEO, Lei Jun, will also head-up the EV business as CEO.

“Xiaomi hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere,” the company said in a statement.

The company’s plan to enter the EV market is, in the current climate, not a surprise. Other technology companies – including Foxconn, Sony, Baidu and, if the rumours turn out to be true, Apple – are already involved in the sector.

EVs are also, of course, electronic ‘gadgets’, and it doesn’t take a massive leap in thinking to believe a tech company’s expertise in the world of smartphones and other small devices can be beefed up to electric cars.

Add to all that the belief that the growth in EV sales will be enormous in the coming years and we can probably expect more tech companies to get in on the action.

Quoted on the Xiaomi blog pages, Lei Jun said: ““Smart electric vehicles represent one of the largest business opportunities in the next decade and represent an indispensable component of smart living. Entering this business is a natural choice for us as we expand our smart AIoT ecosystem and fulfill our mission of letting everyone in the world enjoy a better life through innovative technology.”

Source: Motor Trader e-Magazine (April 2021) 

5 May 2021

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