One of the leading smartphone brands Xiaomi is soon entering the electric vehicle industry. They have plans to invest at least $10 Billion in this industry and will have a new wholly owned subsidiary to drive this business.
Xiaomi is known for their smart products and big range of smartphones. Their investment plan on this business will happen over a stretch of 10 years. This Chinese brand has been successful in penetrating the Indian as well as several other markets as well with its technology and feature rich products.
Initially, the brand may not step out of China, which is its home country, and may explore other markets as well in the later stages. Chinese government is quite aggressive with the development of electric vehicles and hence, their market has one of the most affordable electric vehicles, GWM Ora R1 that has a mileage of 300kms per charge.
Xiaomi is already a big player in the market to produce batteries with high capacity. Their research, technology and stronghold in the electronics industry can be wisely implemented to prepare new chipsets for electric vehicles. Xiaomi can further escalate this through joint collaboration with automotive producers.
While this is the first time Xiaomi as an electronics manufacturing firm is stepping into this foray, Apple and Google have already been testing their electric vehicles. The electric vehicle market is getting widely accepted across the globe and we may see more non-auto brands to enter into this industry.
With the emerging EV market in India and brands like Tata, Mahindra, Hyundai, MG, etc. deliver pretty good vehicles, would you like to see a smartphone brand name on your future vehicle? Share your thoughts with us in the comments.