According to a report by iFengNews, Chinese smartphone major, Xiaomi is building its own smart car. Xiaomi seemingly is looking to join the ranks of numerous consumer electronics companies like Huawei to develop its own smart car which could pay dividends in markets like China and also emerging markets like India, where the Xiaomi brand is very strong. According to the report, Xiaomi is in the early stages of developing its smart car. Currently, it is considering a strategic decision, but details haven't been fleshed out. Famously, Xiaomi's founder, billionaire Lei Jun, who is often referred to as the Steve Jobs of China had met with Tesla's founder and CEO Elon Musk twice in 2013. Since then this field has grown and Jun could be looking at diversifying Xiaomi's already diverse product range.
Xiaomi Ninebot C30 electric scooter
Xiaomi is best known for smartphones and televisions, however, it is one of the world's biggest IoT and wearable companies. An entry into the automotive sector in today's day and age, with the advent of electrification and autonomous driving, could play to its strengths. Xiaomi already makes electric Ninebot C30 electric scooters so cars are a natural progression of this.
It is also a space Apple has been pursuing quite rampantly as reports of an Apple Car have increased by leaps and bounds in recent months. Apple is reportedly looking at a manufacturing partner in a traditional automotive vendor. It has oscillated between Hyundai and Nissan, with the most recent one being Stellantis.
Xiaomi could also be aiming at India as a market and electrification with recent changes in the laws have started to take baby steps forward. Electric Vehicles from Tata and MG Motors are starting to make some headway. For India, if Xiaomi were to take an Apple-like route in India, it could easily partner with someone like Tata Motors as its chairman emeritus Ratan Tata is also an investor in the company.
