Xiaomi has already promised an initial investment of $10 billion over the next decade in the electric vehicle segment. The company is going to enter the EV market here by moving away from the smartphone.
The demand for electric vehicles is increasing now
To go beyond the realm of smartphones and make the most of the electric vehicle era, phone maker Xiaomi has announced that it will acquire autonomous driving technology startup Deepmotion for approximately $77.4 million. With this deal, the Chinese company now hopes that it can launch the electric vehicle in the market soon.
Xiaomi will develop Level 4 Selfie Driving Technology for its electric vehicles. After the acquisition of Deepmotion, the company will make driver assistance software and in a short time the company will launch its first electric car in the market. Xiaomi President Wang Jiang said that, with this acquisition, we want to reduce the time for our product.
Xiaomi’s co-founder and CEO Lei Jun is personally leading the project to build the electric vehicle and the company has already promised an initial investment of $10 billion over the next decade in this area. The acquisition of Deepmotion is the latest investment in the series for the electronics company.
In addition, the phone maker has started recruiting 500 engineers for the EV project and has tied up with multiple automakers and local authorities for potential partnerships. A Reuters report earlier said that the Chinese company plans to make electric vehicles using one of Great Wall Motor’s factories.
The company is also planning to invest in Black Sesame Technologies, a startup that develops artificial intelligence chips and systems for cars. Modern mobility especially electric vehicles are quite a technology advance which includes many things. This list includes gadgets, features and drive assistance systems. In such a situation, Xiaomi is currently moving in the right direction.
But Xiaomi isn’t the only phone maker that has set its eyes on the self-driving or electric vehicle market. There have also been reports of other makers like Huawei, Oppo and Apple working on their personal cars.
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