Xiaomi: not just smartphones

According to some sources, the acquisition will amount to 77.4 million US dollars and to follow the project will be the co-founder and CEO Lei Jun. The agreement with Deepmotion should help the Chinese giant enter the rapidly expanding field of electric vehicles.

President Wang Xiang said the acquisition is intended to help Xiaomi develop the technology of autonomous driving at level 4, which allows for fully autonomous driving.

Through this acquisition, we hope to reduce the time-to-market for our product. We want to accelerate our research & development section on autonomous driving.

The company announced the acquisition after posting better-than-expected results for the second quarter of 2021, becoming the second-largest phone provider in the world by a number of shipments. Specifically, revenue increased 64 percent to 87.79 billion yuan ($ 13.6 billion) in the quarter ended June, surpassing the estimated average of 85.01 billion yuan.

As previously mentioned, co-founder and CEO Lei Jun is leading the initiative: the 51-year-old is personally following a project to make electric vehicles and the company has promised that over the next decade it will invest in the field more than 10 billion dollars.