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

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.

“Xiaomi hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere,” the company has said.

Xiaomi’s CEO and cofounder Lei Jun added that the company has deep pockets for the project and they are fully aware of the risks of the car-making industry. “I’m also aware the project will take at least three to five years with tens of billions of investment,” he added.

Electric Vehicles News Of The Week

Andhra Pradesh To Help Finance 1 Lakh EVs

The government of Andhra Pradesh has announced that it will help its employees buy more than one lakh electric two-wheelers by arranging for domestic as well as global financing at attractive rates. Buying these vehicles would translate into sales worth INR 500 Cr to INR 1,000 Cr for these manufacturers.

India Plans 1300 Km Highway For Emobility

The Indian government is planning to construct a separate highway on the 1,300 Km long Delhi-Mumbai expressway where trucks and buses can ply at up to 120 Km per hour. Road transport and highway minister Nitin Gadkari announced that the dedicated corridor is expected to bring logistics cost down by 70%.

Tata Power To Expand EV Charging Network

Tata Power, which has marked its presence across 65 cities in India with over 400 EV charging points, is now looking to make its footprint over 100 cities to expand its public charging network. The company aims to set up 700 charging stations in India by the end of 2021.

Electric Vehicles Headlines From Around The World

Biden Administration Allocates $174 Bn To EVs

President Joe Biden’s administration in the US has earmarked $174 Bn out of its $2 Tn infrastructure plan to build out domestic supply chains for emobility in the US. The administration believes that the capital will help US-based companies compete globally to win a larger share of the EV market.

Germany Puts Another 300 Mn Euros Towards EV Infra

Germany’s federal ministry of transport and digital infrastructure has launched a EUR 300 Mn programme for the construction of EV charging stations to make everyday life easier for the users. The charging systems will be set up in supermarkets, hotels, restaurants, swimming pools and sports fields.

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