Xiaomi has taken on the ambitious goal of starting electric vehicle production in 2024. However, problems arose along the way – there were delays in obtaining a license for such production in China. According to Bloomberg, Xiaomi may activate “Plan B”, which provides for cooperation with the Chinese concern BAIC, which has all the necessary documents in order. According to the source, Xiaomi is considering buying a stake in Hyundai plant No. 2, which is at a loss and needs investment in modernization (which Xiaomi definitely has). Amid this information, BAIC shares soared 30%.

Despite the fact that this whole story looks beneficial to everyone, at this stage there is no talk of any specific agreement – consultations are underway. All three parties declined to comment on the rumors. Bloomberg also noted that the Chinese authorities are encouraging this kind of merger, as it allows better use of resources in the industry. For Xiaomi, this may be the easiest and most profitable investment without the need to obtain the right to own production, which also includes the need to provide evidence of its technological capabilities in this area. The deadline for entering the automotive market is still a year and a half, so we will hear about this project more than once.

© Artur Luchkin. mobile phone

According to Bloomberg