Electric Vehicles This Week: Xiaomi Enters EV Market, The American EV Dream & More

Electric Vehicles This Week: Xiaomi Enters EV Market, The American EV Dream & More

SUMMARY

Andhra Pradesh govt to help staff members buy 1 Lakh electric two-wheelers

India plans to cut logistics cost by 70% with special highways and corridors for EVs

The Joe Biden administration has earmarked $174 Bn to promote the US EV industry

Chinese consumer electronics giant Xiaomi, on Tuesday (March 30), announced its entry into the connected electric vehicles (EV) space. The company’s board has already approved the plan, and it will now set up a wholly-owned subsidiary to operate the EV business.

The smartphone maker is looking to invest $10 Bn over the next year, with an initial investment of $1.5 Bn (or 10 Bn Yuan), to make this plan into a reality. Xiaomi will contribute about 60% of the envisioned sum and plans to raise the rest of the funds, according to the people familiar with the development.

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