An Electric Vehicle (EV) from the house of Chinese electronics multinational Xiaomi could soon be a reality as reports suggest that the leading phone maker is making the initial moves to enter the market.
Earlier, Xiaomi’s competitor Huawei had revealed its plan to collaborate with Hicar and BAIC to develop a smart car. Reports by regional media houses suggest that the firm sees the entry into the EV market as a strategic decision with no specific details or vision being formulated currently.
Xiaomi’s current CEO, Mr. Lei Jun, who had earlier in 2013 traveled to the US and met Tesla CEO Mr. Elon Musk is expected to head the project as well.
Xiaomi’s attempt to enter into the EV market seems to be driven by the stagnation of the smartphone market and the rise in popularity of the electric smart vehicle market. One of the major markets for Xiaomi, India has also seen a demand for smart vehicles with regional players like Tata, Mahindra & Mahindra offering their electric vehicles in the market.
Xiaomi’s international competitor Apple is also reportedly working on its own electric car which is expected to be built on Hyundai’s electric vehicle platform with manufacturing supported by General Motors and European manufacturer PSA.