Xiaomi is in talks with Chinese automaker BAIC (Beijing Automotive Group Co., Ltd.) to participate in the production of electric vehicles, according to our colleagues from Bloomberg. Discussions focus on the possibility of taking a stake in a factory that works in joint venture with Hyundai.
Last November, Xiaomi announced plans to produce electric vehicles at a new factory in Beijing from 2024. However, the group is facing licensing delays. As the Chinese electric vehicle industry is booming, the Beijing government has tightened regulations on the granting of the precious sesame.
A Xiaomi-Hyundai production is possible
However, an agreement could be reached between Xiaomi and BAIC New Energy Technology, a subsidiary of the manufacturer which works with Hyundai. The factory needing to be modernized, the call for financial air could come from Xiaomi, which would thus take a share of the capital of the company. This could ultimately lead to the production of Xiaomi-BAIC vehicles.
Xiaomi launched its subsidiary Xiaomi Automobile Technology with a registered capital of one billion yuan (just under 140 million euros) in 2021. This subsidiary is supposed to manage the Automotive part of the group, with developments on the autonomous driving. In March 2021, Xiaomi said it would invest ten billion dollars in the electric vehicle sector over the next ten years under the leadership of Lei Jun, founder and CEO of Xiaomi.
Xiaomi believes in lidar
A test car bearing the mention “Xiaomi Pilot Test” could be seen on the roads of China this summer, its particularity being its enormous lidar positioned on the roof. Arrested on the Weibo social network, a spokesperson for the manufacturer said that it was not an electric vehicle from Xiaomi, but an electric car on the market adapted for the needs of the manufacturer’s autonomous driving project. .
In the Automotive sector, Xiaomi is already working closely with iPhone factory Foxconn, which has introduced an electric car platform called MIH and set up an eMobility contract with Geely. Finally, in August 2022, the media Cnevpost had reported that Xiaomi would move towards two battery suppliers for its automotive production: BYD for 400 V platforms and CATL for 800 V platforms. This already gives us a clue about Xiaomi’s ambitions.