Electric vehicles (EVs) are all around us and have become popular in recent years thanks to attractive government incentives and low maintenance requirements. But why are more and more tech giants entering the automotive industry?
It seems most of the existing tech giants want a slice of the EV market. Companies like Google, Sony, Apple, HUAWEI and even Xiaomi are investing a lot of money to compete with Tesla and other incumbents. Sina Tech (via ArenaEV) reported that Xiaomi will unveil an engineering prototype of its first EV in August. The company is working full steam ahead on testing and production of its first car and has reportedly already hired a PR director. The marketing campaign is expected to start after the presentation of the prototype. There are no renders or photos of the upcoming vehicle yet, but PocketNow knows that Xiaomi initially plans to produce 150,000 vehicles by 2024. The company is said to be planning to launch four different models in the A+ and B segments. The company already has more than 1,000 employees working in the R&D team. The A+ model is expected to cost between 150,000 and 200,000 yuan ($22,500 to $30,000) and will be equipped with Level 2 autonomous driving capabilities. AB segment vehicles will be priced between 200,000 and 300,000 yuan ($30-45,000) and will support Level 3 autonomous driving.