Xiaomi Partners With Auto Giant to Manufacture Its Smart Car
The China-based tech giant, Xiaomi, is looking to form a strategic alliance with the Chinese automotive giant, known as the Great Wall Motor Company (GWMC) Limited, for its upcoming smart car.
Sources privy to the development said that the tech giant has officially joined the Electric Vehicle (EV) makers’ club. Having attained expertise in the tech arena, the company is now eyeing the next most trending industry at the moment i.e. the EV industry.
Since the revelation of the news today, the company’s stock value went up by 9 percent, whereas the GWMC stock value went up by 15 percent.
The news of the EV venture came from two anonymous sources, who also added that the two companies will jointly manufacture cars, but the cars will be sold under the Xiaomi brand name. The manufacturing cost will be kept as low as possible for these cars to appeal to a mass audience.
Last week, it was revealed that the Xiaomi Smart would go into development in the next couple of months. The report added that CEO and Founder of Xiaomi, Lei Jun, will be leading the smart car project himself.
It was also reported that Jun was in talks with the car makers such as BYD, NIO, and a few other EV makers based in China. Although the reports are making waves across various media, there has been no official confirmation yet.