From smartphones to smart cars, five things to know about Xiaomi's EV push

The growing buzz surrounding electric vehicles has not only meant traditional car makers looking at battery power to power their respective dreams but such vehicles have also caught the fancy of tech companies known worldwide for their array of gadgets. While Tesla has quite the lead when it comes to electric vehicles, challenge to its place of prominence may come as much from these tech giants as from traditional auto companies.

1

Xiaomi is one of the world's largest manufacturers of smartphones. In 2020, the company overtook Apple as the world's third-biggest smartphone maker.

But smartphones aren't its only core area of strength. Over the years, the Chinese company has diversified into producing television sets, wearables, home appliances and more.

2

Xiaomi has also dabbled in the automotive world before. It had teamed up with Lamborghini for a supercar-inspired GoKart called Ninebot GoKart Pro.

Prior to this, it had showcased its Redmi Bestune T77, an SUV with 143 hp of bragging power.

3

Reuters reported on Friday that Xiaomi Corp plans to manufacture its electric vehicles using Great Wall Motor Co Ltd's factory. Shares of Xiaomi and Great Wall Motors jumped once the report came out.

4

While Xiaomi hasn't officially confirmed its plans of diving into the world of EVs, several reports suggest that CEO Lei Jun himself has plans of leading the charge. Whether the eventual product will be at par with what is already on roads worldwide, remains to be seen.

5

Modern cars, especially EVs, are becoming more technologically advanced than ever before. A mile long list of gadgets, screens and features are widely seen as ways to woo buyers. And steps in this direction may have also emboldened companies in the consumer electronics' space to consider a debut in automobiles.