Chinese consumer electronics giant Xiaomi Corp (小米) unveiled its first four-wheeled electric vehicle (EV) yesterday, with company founder and chief executive officer Lei Jun (雷軍) saying it has ambitions to become a global automotive powerhouse, despite fierce competition at home.
Beijing-based Xiaomi, which is the world’s fourth-largest smartphone manufacturer, is also a leading provider of tablets, smartwatches, headphones and electric scooters.
The company in 2021 announced its intended foray into EVs, joining a trend that has seen several major Chinese tech companies pivot toward the highly competitive sector.
Photo: REUTERS/Florence Lo
Lei took to the stage in Beijing yesterday to unveil the SU7, a sedan that is scheduled to enter the market in 2025.
The model is integrated with Xiaomi software to enable functionality across the firm’s range of devices and would be produced by local manufacturer BAIC Group (北汽集團), the company said.
“The goal is to become one of the world’s top five automotive manufacturers through 15 to 20 years of hard work,” Lei said.
The SU7’s batteries are to be supplied by China’s largest electric automaker, BYD Co (比亞迪), as well as domestic battery giant Contemporary Amperex Technology Co (寧德時代).
Many top tech firms in China — which is the world’s largest automotive market — have invested recently in the country’s EV sector.
BYD was the undisputed leader of China’s EV market last month with more than 300,000 models sold, ahead of Tesla Inc’s more than 80,000, China Association of Automobile Manufacturers data showed.
Founded in 2010, Xiaomi has achieved rapid growth through its strategy of marketing high-end devices at affordable prices, which were initially sold directly through online channels.
The firm was placed on a blacklist by the US in 2021 due to alleged links to the Chinese military.
JITTERS: Nexperia has a 20 percent market share for chips powering simpler features such as window controls, and changing supply chains could take years European carmakers are looking into ways to scratch components made with parts from China, spooked by deepening geopolitical spats playing out through chipmaker Nexperia BV and Beijing’s export controls on rare earths. To protect operations from trade ructions, several automakers are pushing major suppliers to find permanent alternatives to Chinese semiconductors, people familiar with the matter said. The industry is considering broader changes to its supply chain to adapt to shifting geopolitics, Europe’s main suppliers lobby CLEPA head Matthias Zink said. “We had some indications already — questions like: ‘How can you supply me without this dependency on China?’” Zink, who also
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) received about NT$147 billion (US$4.71 billion) in subsidies from the US, Japanese, German and Chinese governments over the past two years for its global expansion. Financial data compiled by the world’s largest contract chipmaker showed the company secured NT$4.77 billion in subsidies from the governments in the third quarter, bringing the total for the first three quarters of the year to about NT$71.9 billion. Along with the NT$75.16 billion in financial aid TSMC received last year, the chipmaker obtained NT$147 billion in subsidies in almost two years, the data showed. The subsidies received by its subsidiaries —
At least US$50 million for the freedom of an Emirati sheikh: That is the king’s ransom paid two weeks ago to militants linked to al-Qaeda who are pushing to topple the Malian government and impose Islamic law. Alongside a crippling fuel blockade, the Group for the Support of Islam and Muslims (JNIM) has made kidnapping wealthy foreigners for a ransom a pillar of its strategy of “economic jihad.” Its goal: Oust the junta, which has struggled to contain Mali’s decade-long insurgency since taking power following back-to-back coups in 2020 and 2021, by scaring away investors and paralyzing the west African country’s economy.
RE100 INITIATIVE: Exporters need sufficient supplies of renewable energy to meet their global commitments and remain competitive, the economics ministry said Local export-oriented manufacturers, including Taiwan Semiconductor Manufacturing Co (台積電), require sufficient supplies of green energy to maintain their competitiveness and regulations already ensure that renewable energy development adheres to environmental protection principles, the Ministry of Economic Affairs said yesterday, as the legislature imposed further restrictions on solar panel installations. The opposition-led Legislative Yuan yesterday passed third readings to proposed amendments to three acts — the Environmental Impact Assessment Act (環境影響評估法), the Act for the Development of Tourism (發展觀光條例) and the Geology Act (地質法) — which would largely prohibit the construction of solar panels in some areas. The amendments stipulate that ground-mounted solar
RSS