Daily Newsletter

24 August 2023

Daily Newsletter

24 August 2023

Chinese smartphone giant gets approval for EVs

Only fourth venture since 2017 to get such approval from Beijing

Dani Cole August 24 2023

Smartphone maker Xiaomi Corporation has been given the green light by China’s state planner to manufacture EVs, Reuters reports.

Xiaomi designs and manufactures consumer electronics and related software, including household appliances. It has recently branched into electric scooters.

The approval was granted by the National Development and Reform Commission (NDRC). The news agency reports that Xiaomi’s venture is only the fourth since the end of 2017 to get NDRC approval.

Earlier this year, Xiamo’s CEO Lei Jun said that its auto manufacturing plans had “progressed beyond expectation” and that protypes had “successfully” completed winter testing.

The company has a goal of producing cars by early 2024. It has invested more than 3 billion RMB (£360 million) in its EV division, with up to 10 billion RMB (£1.2 billion) earmarked for investment over the next decade.

Sources told Reuters that the smartphone plans to make around 100,000 EVs next year.

Tyres and exhaust systems expected to dominate the automotive aftermarket industry

Today’s consumers have a great desire to customize and distinguish their vehicles. The demand for aftermarket extras, including specialized wheels, performance upgrades, interior renovations, audio systems, and aesthetic alterations, has increased owing to this trend. Per GlobalData estimates, the global automotive aftermarket industry will be valued at $677 billion in 2023 and is expected to grow at a CAGR of 5.8% by 2030.

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