Xiaomi corporation is already the second largest smartphone manufacturing company in the world. The Asia based tech giant has been a fierce competitor in the market since it’s inception and they have no plans to stop any time soon. In fact, they announced their plans for the future earlier this year. Chairman Lei Jun revealed that they will start mass-production of the Xiaomi electric car by 2024.
Xiaomi is already involved in the production of electric bicycles and mopeds. To enter the electric vehicle market, the company will be setting up not one but two subsidiaries, the Xiaomi EV company and the Xiaomi Automobile Technology Co Limited.
The Xiaomi Automobile Company
Xiaomi Automobile Company registered in September, is already in the a “substantial development phase” with an initial capital of $156 million which is only one-tenth of the original capital that is $156 billion. This capital is will be spread out over the next decade.
Will it Be a Success?
Xiaomi is globally known for its tech fortunes with smartphones on the top of the list. While this may be valid, let’s not forget about the global rise in the demand and competition in the EV car segment. For quite a while, we have been hearing the news of Xiaomi working on an electric car of its own. If we keep in focus the competitive edge of the company in manufacturing tech devices, there is definitely a bright chance of Xiaomi’s electric car success globally.
Chances of Launching in Pakistan
Looking into the local...
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