Smartphone-Maker Xiaomi Might Join Forces With China’s BAIC To Build EVs | Carscoops carscoops
that Xiaomi is in talks with Beijing Automotive’s BAIC electric car division to develop cars that would carry Xiaomi’s badges. The possible tie-up is seen as a way for the smartphone-maker to sidestep delays in obtaining a license to create its own cars, and still keep that 2024 promise.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.
The Chinese authorities have made it tougher to get hold of a license in the wake of numerous companies jumping into the EV sector, keen to get their hands on tax breaks and government subsidies, news reports say. Rather than encouraging startups with questionable sales projections, Beijing wants to see firms buying out others, or teaming up to
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