Xiaomi is in talks with car giants like Chery to produce its first electric vehicle. The company has not yet obtained a license in China.
We know that Xiaomi has been working hard on an electric car since last year. The latest reports show that the Chinese manufacturer is in talks with several major manufacturers to partner on the production of electric cars.
Xiaomi and Chery agree on an electric car?
Xiaomi, known for its smartphones, aims to become a manufacturer of electric vehicles. However, it has still not been able to obtain the necessary license from the Chinese authorities to produce vehicles. In the meantime, the company is reportedly in talks with Brilliance Auto Group, Chery Automobile and Beijing Automotive Group.
The Chinese authorities are trying to rein in the boom in the industry, and it has become very difficult to obtain production permits in China. This leads companies like Xiaomi to use licenses from other brands.
While the talks are being conducted under a partnership model, they focus on cooperation in producing electric vehicles. Xiaomi CEO Lei Jun said the company will invest around $10 billion to make its electric vehicle ambitions a reality.
The company aims to launch its first electric car next year. This model, which is expected to be a sedan vehicle named MS11, will be powered by a 101 kWh battery. The vehicle, codenamed Modena, is planned to have a very competitive price of 27 thousand dollars.
Sources say that no partnership with automakers has been finalized. Xiaomi will also wait until the end of the year to get the necessary approvals from the Chinese authorities.
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