Automobile
Chinese company Xiaomi to enter automobile business, will invest $1.5 billion
Xiaomi has officially confirmed that it will be entering the smart electric vehicle business.
Given how wide Xiaomi’s portfolio of products is, it is not surprising to see the brand enter the smart electric vehicle space. The company has revealed that it is setting up a new subsidiary to work on electric vehicles and related business.
Xiaomi plans to invest about 10 billion yuan (about $1.5 billion) over a period of 10 years. Lei Jun, the CEO of Xiaomi, will also be serving as the CEO of the new smart electric vehicles entity.
“The board of directors of the company has resolved to commence the electric vehicle business. The company will set up a wholly-owned subsidiary to operate the smart electric vehicle business. The initial phase of investment will be RMB 10 billion, with the total investment amount over the course of the next 10 years estimated to be $10 billion. Mr Lei Jun, the Chief Operating Officer of the group will concurrently serve as the Chief Operating Officer of the smart electric vehicle business,” the company said in an announcement.
When can you expect a Xiaomi EV?
A Xiaomi-branded electric vehicle may not be an immediate possibility anytime soon. Jun had recently confirmed at the fifteenth annual meeting of the China Entrepreneurs Forum that Xiaomi has no plans to release an electric vehicle for the next three to five years. Xiaomi also is expected to partner with China’s Great Wall Motor Co Ltd and use the brand’s factory for building its own electric cars.
Hyundai India launched the much-awaited Creta Knight Edition in the country at a starting price of Rs 13.51 lakh (ex-showroom, all-India). This new variant is available in both petrol and diesel engine options and can be had either with a manual or an automatic transmission unit. To read more about the Creta Knight Edition, click here. In addition to this, the company has also introduced a model-year update for the Hyundai Creta with new feature additions.
The 2022 Hyundai Creta is now available in a new Denim Blue colour option and the Highline TPMS is now standard across all variants. The SX (O) trim now also gets a glossy black centre console. Furthermore, the company will offer the iMT option on the 1.5-litre petrol ‘S’ variant to further expand choices for the customers. The new S+ variant powered by a 1.4-litre T-GDi petrol engine with 7DCT now gets an additional set of features, such as –
– Smart panoramic sunroof
– 16-inch black alloy wheels
– Smartphone wireless charger
– Rear Disc Brakes
– Electronic Stability Control (ESC)
– Vehicle Stability Management (VSM)
– Hill start assist control (HAC)
– Paddle shifters
– Metal pedals
– Electric and auto-folding ORVMs
– Power window auto up/down
Mechanically, the SUV continues to be powered by the existing petrol and diesel engine options.
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