The company's move into the EV industry follows similar steps by other tech giants, both in China and overseas.
In January, Chinese search giant Baidu Inc announced it would develop an EV unit via a partnership with domestic car maker Geely Automobile Holdings Ltd.
In February, Reuters reported that beleaguered Chinese smartphone giant Huawei Technologies Co Ltd is currently in talks with state-owned automaker Changan Automobile and other companies to manufacture EVs.
Apple Inc has also long been planning an entry into the EV market, according to reports.
Last week Reuters reported exclusively that Xiaomi was in talks to partner with Chinese automaker Great Wall Motor Co for help in manufacturing EVs.
Xiaomi declined to comment on the report, while Great Wall said in an exchange filing that it had not discussed such a partnership with Xiaomi.
($1 = 6.5647 Chinese yuan renminbi)
(Reporting by Josh Horwitz, editing by Louise Heavens, Kirsten Donovan)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.