XIAOMI ENTERING THE EV CAR MARKET TOO

$XIAOMI-W(01810)$

Smartphone maker Xiaomi Corp is eyeing an electric vehicle (EV) production tie-up with Beijing Automotive Group (BAIC), as it faces delays in acquiring a licence to make cars on its own, Bloomberg News reported on Friday (Aug 26).

Such partnership among EV startups and traditional carmakers has become increasingly common in China, as state planners have been limiting the issuance of manufacturing licences to new EV makers in a bid to contain excessive investment.

Xiaomi and BAIC are exploring various options including Xiaomi buying a stake in Beijing Hyundai No. 2 plant, which has a licence to make cars in China, the Bloomberg report said, citing people familiar with the matter. 

The collaboration could see vehicles built by Beijing Automotive's EV brand, BAIC BluePark New Energy Technology, and co-branded with Xiaomi, the report said.

Xiaomi and BAIC declined to comment. An executive at Beijing Electric Vehicle, BAIC's EV unit, told Reuters that he is not aware of such talks between Xiaomi and BAIC, declining to be named because he is not authorised to talk to media.

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