Many of China’s Internet giants, including Baidu and Xiaomi, have recently issued announcements indicating their decision to seek a share of the market for smart electric vehicles, a market which has already witnessed heightened competition among emerging automakers like Nio, XPeng, and Li Xiang, alongside the active efforts of traditional carmakers like SAIC Motor who are also pursuing a similar transformation.
At the recent 2021 new product launch event for Xiaomi, Lei Jun, founder, chairman and CEO of Xiaomi Inc., said that the company will enter the smart electric car market and will aim to spend $10 billion on the new business in the coming 10 years.