HONG KONG: Xiaomi Corp has won the approval of China's state planner to manufacture electric vehicles (EVs), said two people with knowledge of the matter, marking a major step towards the smartphone maker's goal of producing cars by early next year. The National Development and Reform Commission (NDRC), wh
HONG KONG: Xiaomi Corp has won the approval of China's state planner to manufacture electric vehicles , said two people with knowledge of the matter, marking a major step towards the smartphone maker's goal of producing cars by early next year.
And it would be entering China's car manufacturing sector at a time when the world's largest auto market is wrestling with a series of issues, including a capacity glut and slowing demand that have stoked a bruising price war and hit supplier margins. Reuters was not immediately able to determine why NDRC granted approval to Xiaomi. Its EV plant has been marked by the Beijing municipal government as an important industrial upgrade project.
Xiaomi plans to produce about 100,000 EVs next year, said one of the sources. It has also accelerated hiring workers for its EV plant since last week as it prepares a production ramp-up in December, two Xiaomi workers, who did not wish to be named because of the sensitivity of the matter, told Reuters.The severity of the challenges facing Xiaomi is evident in the automobile factory utilisation rates in China.
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