Caixin
Feb 22, 2021 07:08 PM
BUSINESS & TECH

Xiaomi Rebuffs Rumors It Wants to Make Smart Cars

What’s new: Hong Kong-listed smartphone giant Xiaomi Corp. gently rebuffed rumors in “certain media articles” that it is making a move into automobile manufacturing, saying Sunday that it had “not initiated any formal project regarding the study of electric vehicle manufacturing business.”

The firm has been following developments in the electric vehicle industry and has “continuously studied the relevant industry trends,” it said in a filing to the Hong Kong Stock Exchange.

Rumors of a move into manufacturing cars caused a stir last week when they were first reported in Chinese by the blog Late Post, and carried by various outlets, including Caixin Global.

The background: Rumors have persisted that Xiaomi will travel well-worn path into the smart car market, following other tech firms like Huawei and Baidu, which have sought to take advantage of the software knowhow deficit that has held back traditional automakers.

The firm, which started out as a smartphone maker, has ramped up efforts to develop and invest in internet-connected appliances and other technologies.

In the smart car space, some Xiaomi smartphones can be used as car keys for Xpeng and BYD cars. The company’s AI-powered voice assistant Xiao Ai also supports the system of some Mercedes-Benz vehicles.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Timmy Shen (hongmingshen@caixin.com) and editors Heather Mowbray (heathermowbray@caixin.com) and Flynn Murphy (flynnmurphy@caixin.com)

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