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Chinese smartphone giant allocates $10b for electric cars

Chinese smartphone giant allocated $10 billion for electric car expansion. 

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Chinese smartphone giant allocated $10 billion for electric car expansion. 

Lei Jun has planned to expand its tech plan. However, there has been a growing threat of expanding electric cars in the future. Lei is also of the view that he will make few other subsidies for the expansion project. The venture started from a startup project making China a top-tech country.

Lei’s company has been excelling his income from phone units. However, the pandemic has affected the phone company to an extent. Market research firm Canalys says smartphone shipments worldwide stood at 1.26 billion units in 2020, down 7% from a year earlier partly due to the impact of the pandemic.

Analysts say electric cars could present a new growth opportunity. Chinese consumers are increasingly attracted by the sleekly designed models, which often have autonomous driving features and can be remotely controlled to stream music or video via in-car displays. This year, China’s sales of electric vehicles are expected to climb to 1.9 million units, a jump of 51% from a year earlier, according to Canalys.

Electric cars are a growing opportunity for China’s tech industry. It will affect the economy of the country since the petrol and gas will take less yearly budget to be allocated. New technology needs advancements and innovations. Therefore, it is an efficient project for the Chinese industries. But making cars is a huge risk, and nobody knows whether Xiaomi’s venture will be successful or not.

Xiaomi did not consider it favorable to comment on the venture at this stage. Because no one is aware of the success this project would be. China is also working on other tech-related projects to boost its regional influence. One such is the Chinese automaker Great Wall Motor’s factory.

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