Xiaomi’s $10 billion electric vehicles project is said to hit a regulatory roadblock, in 2021 Xiaomi announced to invest CNY 10 billion in EV.
Xiaomi Beijing-based smartphone company reveals that Xiaomi has faced difficulty to get regulatory approval for its electric vehicles project
China National Development & Reform Commission is not giving them approval for the required license, to Xiaomi, which applied a month ago.
Xiaomi mentioned that the only reason for the delay in “license approval” is china’s Stricter scrutiny of EV sector bankruptcies
due to this Xiaomi has postponed the plan for EVs, and will introduce its first electric vehicle in 2024.
Xiaomi, founder Lei Jun, said that the absence of a license has slightly impacted Xiaomi EV development
Xiaomi already bought Beijing-based autonomous driving technology startup “DeepMotion”, for self-driving technology
Xiaomi Corp's current stock price is 12.34 HKD, If you plan to invest in EVs then this is the right time to invest in the electric market.
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