Xiaomi probably intends to work with Great Wall to produce an electric car

Xiaomi probably intends to work with Great Wall to produce an electric car

The market for electric cars is getting hotter year by year and we are witnessing the presence of new letters in this field. This time, Xiaomi, which is one of the biggest players in the field of smartphones, intends to enter the market of electric vehicles with its brand.

According to reports, Three different unnamed sources have confirmed this. Xiaomi plans to use the factories of the Chinese company Great Wall Motor to produce its car under the Xiaomi brand. Xiaomi also plans to mass-market its cars. This strategy is similar to the process for other electronic products. According to an informed source, Xiaomi CEO Lee Joon believes that the company’s expertise in hardware production will help accelerate the design and production of the company’s electric vehicle.

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Xiaomi shares rose 9 percent following the announcement of auto production. The value of Great Wall shares in Hong Kong also increased by 15% and reached a maximum daily value of 10% on the Shanghai Stock Exchange. It should be noted, however, that according to an informed source, Great Wall has not yet provided production services to another company.

Xiaomi is currently the third largest smartphone maker in the world, according to the IDC Market Research Institute 11.2% market share Has. However, news in January that the company was added to the military blacklist may have reduced the company’s share of the mobile phone market. However, a US federal judge recently temporarily suspended US Department of Defense sanctions against Xiaomi.

Xiaomi has not yet responded to the issue of electric car production, but it is expected that the official news of the cooperation with Great Wall will be announced in the media next week.

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