Xiaomi in talks with BAIC to produce electric cars - Bloomberg News (updated)

Baic Motor

26/08/2022 08:06

(Adds details from report, background)
    Aug 26 (Reuters) - Smartphone maker Xiaomi Corp  1810.HK  is
in talks with Beijing Automotive Group Co  1958.HK  to
collaborate on producing electric vehicles (EV), Bloomberg News
reported on Friday, citing people familiar with the matter.
    The two companies are exploring different options including
Xiaomi buying a stake in Beijing Hyundai No. 2 plant, which has
a license to make cars in China, the report said. (https://bloom.bg/3QUjxQF)
    Last year, Xiaomi said it would enter the competitive EV
sector and challenge established brands and newer tech
companies.
    The company committed to bringing its cars to mass
production in the first half of 2024. Earlier this year, the
company started construction on its first auto factory in
Beijing.  urn:newsml:reuters.com:*:nL1N2ZN14R
    Xiaomi is eyeing a production tie-up as it faces delays in
acquiring a license to make cars on its own, Bloomberg said.
    The collaboration could see vehicles built by Beijing
Automotive's EV brand, BAIC BluePark New Energy Technology Co
 600733.SS , and co-branded with Xiaomi, the report said.
    Xiaomi and BAIC declined to comment, while Hyundai did not
immediately respond to a Reuters request for comment.
    Beijing Hyundai, the joint venture between Hyundai Motor Co
 005380.KS  and BAIC, has three manufacturing plants in Beijing.
 urn:newsml:reuters.com:*:nL3N2NF1G0
    

 (Reporting by Baranjot Kaur in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Baranjot.Kaur@thomsonreuters.com; +91 86990 46242;))