AGL 38.00 Decreased By ▼ -0.31 (-0.81%)
AIRLINK 136.69 Decreased By ▼ -4.71 (-3.33%)
BOP 5.42 Decreased By ▼ -0.22 (-3.9%)
CNERGY 3.83 Decreased By ▼ -0.04 (-1.03%)
DCL 7.59 Increased By ▲ 0.03 (0.4%)
DFML 46.05 Decreased By ▼ -1.35 (-2.85%)
DGKC 80.35 Increased By ▲ 0.60 (0.75%)
FCCL 28.03 Increased By ▲ 0.59 (2.15%)
FFBL 55.21 Increased By ▲ 0.36 (0.66%)
FFL 8.58 Decreased By ▼ -0.02 (-0.23%)
HUBC 112.65 Decreased By ▼ -0.86 (-0.76%)
HUMNL 12.33 Increased By ▲ 1.13 (10.09%)
KEL 3.85 Decreased By ▼ -0.14 (-3.51%)
KOSM 8.07 Decreased By ▼ -0.47 (-5.5%)
MLCF 35.11 Increased By ▲ 0.11 (0.31%)
NBP 66.00 Increased By ▲ 2.20 (3.45%)
OGDC 171.16 Increased By ▲ 1.76 (1.04%)
PAEL 25.18 No Change ▼ 0.00 (0%)
PIBTL 6.20 Increased By ▲ 0.31 (5.26%)
PPL 132.85 Increased By ▲ 7.10 (5.65%)
PRL 24.40 Decreased By ▼ -0.39 (-1.57%)
PTC 14.52 Increased By ▲ 1.26 (9.5%)
SEARL 58.95 Increased By ▲ 1.50 (2.61%)
TELE 7.09 Decreased By ▼ -0.03 (-0.42%)
TOMCL 35.00 No Change ▼ 0.00 (0%)
TPLP 8.09 Increased By ▲ 0.64 (8.59%)
TREET 14.30 Decreased By ▼ -0.02 (-0.14%)
TRG 45.59 Decreased By ▼ -0.95 (-2.04%)
UNITY 25.99 Decreased By ▼ -0.19 (-0.73%)
WTL 1.20 No Change ▼ 0.00 (0%)
BR100 9,084 Decreased By -6.9 (-0.08%)
BR30 27,631 Increased By 252.1 (0.92%)
KSE100 85,453 Decreased By -216.1 (-0.25%)
KSE30 27,149 Decreased By -67.3 (-0.25%)

Smartphone maker Xiaomi Corp is eyeing an electric vehicle (EV) production tie-up with Beijing Automotive Group Co (BAIC), as it faces delays in acquiring a licence to make cars on its own, Bloomberg News reported on Friday.

Such partnership among EV startups and traditional carmakers has become increasingly common in China, as state planners have been limiting the issuance of manufacturing licences to new EV makers in a bid to contain excessive investment.

Chinese EV maker Nio Inc, for example, has been partnering with Anhui government-owned Jianghuai Automobile Group (JAC) in vehicle production.

Under the deal, Nio cars, developed and manufactured by the startup, had to bear JAC’s nameplate initially, and both later agreed to drop the nameplate over additional fees.

Xiaomi and BAIC are exploring various options including Xiaomi buying a stake in Beijing Hyundai No. 2 plant, which has a licence to make cars in China, the Bloomberg report said, citing people familiar with the matter.

The collaboration could see vehicles built by Beijing Automotive’s EV brand, BAIC BluePark New Energy Technology Co , and co-branded with Xiaomi, the report said.

Xiaomi and BAIC declined to comment.

India considers restricting sale of sub-$150 phones by Chinese firms

An executive at Beijing Electric Vehicle Co, BAIC’s EV unit, told Reuters that he is not aware of such talks between Xiaomi and BAIC, declining to be named because he is not authorised to talk to media.

A Hyundai spokesperson said the claims reported in the story concerning the South Korean firm is “groundless.”

Beijing Hyundai, the joint venture between Hyundai Motor Co and BAIC, has three manufacturing plants in Beijing.

Xiaomi started construction on its first auto factory in Beijing earlier this year after declaring its ambition last year to enter the competitive EV sector and challenge established brands and newer tech companies.

The plant will have annual capacity of 300,000 units. Xiaomi committed to bringing its cars to mass production in the first half of 2024.

Earlier this year, the company started construction on its first auto factory in Beijing.

Comments

Comments are closed.