According to the latest news, Xiaomi is planning to build its own electric car. Reports suggest Xiaomi is partnering with China’s local automobile maker Great Wall Motor Co Ltd. for this project.
Reuters reported that sources close to the matter have revealed that Xiaomi is the latest firm joining the electric vehicles race. In general, Xiaomi is well known for its wide range of consumer electronics products. It seems, the company is now considering diversifying to a new market. Xiaomi’s stock price surged by 9 percent after this report got revealed. Even Hong Kong stock rose by 15 percent.
As of now, Xiaomi is one of the largest smartphone vendors in the world. Two sources who leaked about Xiaomi’s partnership with Great Wall Motors for its own electronic vehicle declined from being identified as the information is yet to be made official. Xiaomi will aim its electric cars at the mass market. According to the two sources, electronic vehicles will have a broader position that is more or less similar to that of its electronics products.
As of now, Great Wall Motors is yet to offer its manufacturing services to any other companies. One of the two sources said Great Wall Motors will also be providing engineering consultancy to speed up Xiaomi’s electrical vehicle project. As of now, both companies have declined to comment on this report. We will follow up the news with the latest updates so stay tuned till something pops.