Xiaomi founder Lei Jun said US sanction fears spurred smartphone maker’s EV push

Quick Summary:

Within two months of being temporarily placed on a US military blacklist, Xiaomi announced plans to enter China’s saturated electric vehicle market.

Lei said Xiaomi turned down venture capital, instead ploughing US$10 billion of its own money into the business over 10 years.

He called an urgent board meeting, he said, to address the new rules that made it illegal for American investors to hold stock in the smartphone maker because of alleged ties to the Chinese military.

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Article Details

Author / Journalist: Che Pan

Category: Business

Markets: Hong KongChina

Topics: Annual Beijing Xiaomi Company Business Market Xiaomi’s Chinese Smartphone Been First

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-22 @ 19:00:16 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 605 words

Reading Time: 4 minutes read

Sentences: 22 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21725889

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