Latest!

Xiaomi’s EV ambitions could involve a partnership with BAIC: Report

Highlights

  • Xiaomi announced the construction of the Beijing manufacturing plant earlier this year
  • An unnamed executive from BAIC’s EV branch denied knowledge of the matter
  • Meanwhile, a Hyundai spokesperson rejected the notion of Xiaomi and BAIC using the Hyundai No 2 plant for production

For years now, Chinese electronics manufacturer Xiaomi has set lofty goals for the EV segment. However, the company has faced multiple roadblocks along the way, including the inability to procure the requisite licenses to produce, assemble, and sell cars within China. Keeping this in mind, the company is contemplating joining forces with BAIC (Beijing Automotive Group Co) to fulfil its electric vehicle ambitions, as per a Bloomberg News report.

Such a move wouldn’t be uncharacteristic for the Chinese market, with EV maker Nio also following a similar strategy by partnering with JAC (Jianghuai Automobile Group) to launch electric cars in the region.

Also ReadChinese EV maker Xpeng is launching a Tesla Model Y competitor in early 2023

The Bloomberg report adds that Xiaomi’s potential partnership with BAIC’s dedicated EV brand would see EVs produced by BAIC BluePark New Energy Technology Co, accompanied by Xiaomi branding.

Furthermore, the report claims that BAIC and Xiaomi are going through multiple options, including a scenario where the latter would acquire a stake at Beijing Hyundai’s No. 2 plant. For the uninitiated, Beijing Hyundai is a joint venture between Hyundai and BAIC to produce and sell cars across China.

Hyundai rejected the claim

A spokesperson for Hyundai rejected the report’s findings, calling them “groundless.” Separately, an anonymous executive at Beijing Electric Vehicle Co denied any knowledge of the matter, while not flatly rejecting the notion.

This development comes months after Xiaomi announced the setting up of its manufacturing plant in Beijing, China. With an estimated production capacity of 3,00,000 units per year, the company said it would commence mass production by the first half of 2024.

Source: Bloomberg, Reuters

 

Comments
Tags: