Xiaomi

Xiaomi is participating in Geometrical Perception and Learning Co's (G-PAL) approximately RMB 400 million ($61.88 million) Pre-A series funding round as the lead investor in the Pre-A2 round.

How smartphone giant Xiaomi will produce its cars has been the focus of attention recently. JAC Motors, Nio's OEM, has denied reports that it could potentially be OEM for Xiaomi's car business.

Xiaomi has launched a hiring drive for the self-driving division of its automotive business, with plans to hire the first 500 engineers.

A source at Nio's OEM JAC Motors said that the company could produce cars for Xiaomi, with the latter's first model targeting the sub-RMB 200,000 ($30,773) market and a foray into the battery swap business.

Xiaomi, which announced in March that it was joining the car-making bandwagon, is aiming for annual sales of a million vehicles, according to its employee option incentive plan reported by tech media outlet 36kr on July 16.

Xiaomi, the smartphone giant that announced this year that it was jumping on the car-making bandwagon, recently disclosed a new patent that would allow wearable devices to be car keys.

This will help Xiaomi supplement its lineup of team leaders for various modules of self-driving technology, potentially laying the foundation for the development of self-driving technology for Xiaomi cars.

Xiaomi, the smartphone giant that announced this year that it was jumping on the car-making bandwagon, is increasing its technological presence in the automotive field.

Nio China is headquartered in Hefei, the hometown of founder William Li and a city that saved the company from a funding crisis last year and has received a huge return on its investment as a result.

Battery swap was questionable as a huge investment model a few years ago, but with encouragement from the Chinese government, more and more players are adopting it.