© Xiaomi Business | September 03, 2021
Xiaomi heads - officially - into e-Car business
Xiaomi EV Company Limited. has completed the business registration with a registered capital of RMB 10 billion.
The share capital of Xiaomi EV is RMB 10 billion (approximately USD 1.5 billion). Lei Jun, Xiaomi Founder, President and CEO, is the legal representative of Xiaomi EV Company Limited. Xiaomi announced 5 months ago that it intends to enter the electric car production sector. Currently, the company already employs about 300 people to work on this project and announced a rapid expansion of the team. So far, Xiaomi has focused on conducting market analysis (both in terms of customer expectations and the supply chain) and preparing product concepts, but it has also already acquired a company dealing with autonomous driving technology - Deepmotion Tech. The Chinese giant reported record revenues and net profit in the second quarter (revenues: RMB 87.8 billion, + 64.0% y/y, adjusted net profit: RMB 6.3 billion, + 87.4% y/y), which ensures that it does not lack the resources, staff and knowledge, especially in the areas of artificial intelligence or new materials, a press release states.
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Kyocera AVX invests in Hentec/RPS system Kyocera AVX has purchased a Pulsar solderability testing system from Hentec Industries/RPS Automation for its Bangkok, Thailand facility.
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Hunan Sanan secures order worth $524 million Hunan Sanan, a Sanan Optoelectronics subsidiary, has signed a procurement letter of intent (LOI) agreement with an automotive partner. Under the agreement, Hunan Sanan will supply USD 524 million worth of SiC chips to the automaker's new electric vehicle product line in the next few years.
The UK is looking into Broadcom’s acquisition of VMware The UK’s Competition and Markets Authority (CMA) is looking into whether chipmaker Broadcom’s USD 61 billion acquisition of VMware may substantially lessen competition.
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EU agree to foot €2.4 billion for satellite internet system The Council and the European Parliament reached a provisional agreement on a regulation establishing the EU's secure connectivity programme for the period 2023-2027.Load more news