Xiaomi said Wednesday it had obtained Deepmotion for around $77.37 million to “improve the innovative intensity” of its electric vehicle business.
In Spring, Xiaomi reported designs to dispatch an electric vehicle business and contribute $10 billion throughout the following 10 years.
The securing could assist with carrying independent driving elements to the vehicles Xiaomi ultimately delivers, a component being created by numerous automakers for cutting edge electric vehicles.
Xiaomi’s electric and independent vehicle desires will set it in opposition to China’s other innovation goliaths in the thing is turning into an inexorably packed space. Xiaomi will rival organizations like Baidu and even Huawei, just as carmakers including Tesla, Xpeng and Nio.
The organization declared the Deepmotion securing in the wake of announcing monetary outcomes for the second quarter which saw income flood 64% year-on-year to 87.8 billion yuan ($13.5 billion). Xiaomi said all out income and changed net benefit hit record highs in the quarter.
Cell phones represented 67.3% of absolute income however the organization has hoped to lessen its dependence on cell phones by driving into other web associated gadgets. The organization trusts electric vehicles can be another income stream.
Xiaomi shares were down almost 4% in evening exchange.