Earlier this year, in the month of March, Xiaomi officially announced the commencement of its smart electric vehicle business. It was also confirmed that the new division will be led by the company’s founder and CEO Lei Jun.
Since the official announcement, the Chinese smartphone maker has been in talks with several car manufacturers for a partnership but nothing has been materialized so far. But in the recent development, it was reported that Xiaomi is looking to acquire a stake in China Evergrande’s Electric Vehicle unit.
Now, the latest report coming from Science Innovation Board Daily claims that Xiaomi will be building its own car from scratch, and details about the same will be officially revealed by the Chinese company next week.
A well-known tipster Digital Chat Station has also revealed that the company has been in contact with a world-renowned auto parts and emission technology supplier and is also working on a design plan.
Xiaomi has put out a statement denying rumors of negotiating with the China Evergrande Group to buy a 65 percent stake. The spokesperson adds that the company has talked with several carmakers but has not made any decision regarding any partnership for its electric vehicles business.
While Xiaomi is refuting rumors, China Evergrande Group says that talks with Xiaomi to sell its EV unit are at a very early stage. Earlier, the company had announced that the group was in talks with potential investors to sell part of its stakes, including its EV and property management units.
Last month, Lei Jun, founder, CEO, and chairman of the Xioami Group visited the SAIC headquarters, adding it to the list of other car-making companies that he visited, including BYD, Great Wall, Wuling, and some other well-known automakers.
At the time, it was revealed that in the past 75 days, Xiaomi’s management has had 85 industry visits, in-depth exchanges with more than 200 automotive industry veterans, four internal management discussions, and two formal board meetings.
Xiaomi aims to offer high-quality smart electric vehicles to allow users globally to enjoy ubiquitous smart life, says Lei Jun. For this new wholly-owned subsidiary to work on the electric vehicles and related business, the company plans to invest around 10 billion yuan (~$1.5 billion) over a period of 10 years.
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