Xiaomi looks to be in discussions with BAIC to work together to produce electric vehicles and is looking at opportunities to buy a stake in a Hyundai facility. The tech company wants to produce electric vehicles by 2024 but has encountered regulatory obstacles.
Nio Inc., a Chinese EV manufacturer, for instance, collaborates on car production with Jianghuai Automobile Group (JAC), a government-owned company in the Anhui province. In accordance with the agreement, the startup’s Nio automobiles had to initially be marked with JAC’s nameplate; however, both parties ultimately decided to do away with the nameplate to avoid paying additional expenses. Vehicles produced by Beijing Automotive’s EV brand, BAIC BluePark New Energy Technology, and co-branded with Xiaomi may result from the partnership.
Xiaomi announced its intention to enter the competitive EV market and compete against established brands and newer tech businesses last year, and early this year it began building its first auto factory in Beijing. The factory will be able to produce 300,000 units per year. In the first half of 2024, Xiaomi promised to start producing its cars in large quantities. The business began building its first auto manufacturing in Beijing earlier this year.
