Industry News
Xiaomi confirms launch of electric car business, to invest $10 billion over next decade
The company's initial investment will be 10 billion yuan ($1.5 billion), with an expected investment of $10 billion over the next 10 years.
Chinese energy official says EVs could become energy storage for power system
An electric car may become an energy storage device for the power system, and if thousands of electric cars are used in this way, then it will be very beneficial to the power system, he said.
Xiaomi reportedly plans to spend $15 billion on electric cars
Xiaomi will invest about 60 percent of the amount envisioned and plans to finance the rest, the person familiar with the matter said.
WM Motor's first 100 W6 models begin shipping from factory to dealer network
The first batch of WM W6 will be shipped as show cars to stores in cities including Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Wuhan, Chongqing, Hangzhou, and Chengdu. Customers will be able to experience the model's smart technology in-store.
Baidu Apollo reportedly joins forces with local manufacturer to develop LiDAR for its 5th-gen Robotaxi
Baidu's autonomous driving platform Apollo has partnered with Chinese LiDAR company Hesai Photonics Technology to develop a LiDAR for use in Baidu's fifth-generation self-driving Robotaxi.
Chinese consumers' willingness to buy local-brand cars rises, report says
The proportion of potential consumers who tend to buy new energy vehicles rose from 3% in 2018 to 16% this year, the report showed.
Faraday Future announces nearly $100 million in debt financing
US-based electric car company Faraday Future (FF) announced Friday that it has raised nearly $100 million in debt financing led by Ares with participation from existing lenders including Birch Lake.
'Xiaomi Motors' trademark registered by another firm even before Xiaomi decides to build cars
Xiaomi has yet to officially announce its intention to start building cars, the trademark for "Xiaomi Motors" has been registered by another company.
Xiaomi exec dismisses report that it's teaming up with Great Wall to build cars as fake news
Earlier today, it was reported that Xiaomi was in talks with Great Wall Motor to use its factory to build electric cars. In response, a Xiaomi executive dismissed it as fake news.
Xiaomi reportedly in talks with Great Wall to use its factory to build electric cars
The report said Xiaomi's electric car would target the mass market, in line with the company's overall positioning for electronics.