Xiaomi Seeks Major EV Expansion, Acquires Land For $116M

Quick Summary:

Xiaomi Corp has acquired a plot of land in Beijing for 842 million yuan ($116 million) to expand its electric vehicle (EV) production.

This move comes after the early success of its debut sedan, signaling CEO Lei Jun’s $10 billion plan to establish a strong presence in the EV sector.

Chinese EV stocks XPeng Inc (NYSE:XPEV) and Li Auto Inc (NASDAQ:LI) are trading lower on Monday.

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Article Details

Author / Journalist: Anusuya Lahiri

Category: Technology

Markets: United StatesChina

Topics: Briefs Stories That Matter Media Electric vehicles News Benzinga EVs Tech Emerging Markets AI Generated US88160R1014 LI XPEV TSLA Mobility XIACF Top Stories

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-29 @ 11:01:09 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 333 words

Reading Time: 2 minutes read

Sentences: 14 lines

Sentence Length: 24 words per sentence (average)

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

Copyright Owner: © Benzinga

News ID: 21822897

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