HONG KONG : Xiaomi Corp has won the approval of China's state planner to manufacture electric vehicles (EVs), said two people with knowledge of the matter, marking a major step towards the smartphone maker's goal of producing cars by early next year. The National Development and Reform Commission (NDR
HONG KONG : Xiaomi Corp has won the approval of China's state planner to manufacture electric vehicles , said two people with knowledge of the matter, marking a major step towards the smartphone maker's goal of producing cars by early next year.
And it would be entering China's car manufacturing sector at a time when the world's largest auto market is wrestling with a series of issues, including a capacity glut and slowing demand that have stoked a bruising price war and hit supplier margins. Reuters was not immediately able to determine why NDRC granted approval to Xiaomi. Its EV plant has been marked by the Beijing municipal government as an important industrial upgrade project.
Xiaomi plans to produce about 100,000 EVs next year, said one of the sources. It has also accelerated hiring workers for its EV plant since last week as it prepares a production ramp-up in December, two Xiaomi workers, who did not wish to be named because of the sensitivity of the matter, told Reuters.The severity of the challenges facing Xiaomi is evident in the automobile factory utilisation rates in China.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tims China aims to open 1,700 Popeyes eateries across China -sourceBEIJING : TH International Limited has set a goal to open 1,700 Popeyes eateries across China in the next decade, a source with direct knowledge of the matter said, after it relaunched the Cajun-inspired fast food chicken chain Popeyes in the country last Saturday. TH International, also known as Tims Chi
Read more »
Exclusive-Cybersecurity firm SentinelOne explores sale -sourcesNEW YORK : SentinelOne Inc, a cybersecurity company with a market value of $4.2 billion, has been exploring options that could include a sale, according to people familiar with the matter.The Mountain View, California-based company became a takeover target after its shares lost 80 per cent of their value
Read more »
China bans Taiwanese mangoes, cites pests; Taipei claims politicsThe import suspension comes days after Taiwan’s Vice-President William Lai made brief visits to the United States. Read more at straitstimes.com.
Read more »
China's Jan-July fiscal revenue growth slowsBEIJING : China's fiscal revenues grew 11.5 per cent in the first seven months from a year earlier, slower than a 13.3 per cent rise in the first six months, finance ministry data showed on Monday. Fiscal spending rose 3.3 per cent in the January-July period, slowing from a rise of 3.9 per cent in the fir
Read more »
China’s northern farmers brace themselves for more heavy rain and floodsHigh risk of flooding in parts of Heilongjiang and Jilin provinces. Read more at straitstimes.com.
Read more »
China accuses government employee of spying for USBEIJING: China on Monday (Aug 21) accused a government employee of spying for the United States, the second incident of espionage it has announced in a month. Beijing implemented a revised anti-espionage law last month that gives authorities more power than ever to punish what they deem to be threats
Read more »