Xiaomi Auto, the auto unit of smartphone maker Xiaomi, will likely take over BAIC BJEV’s Laixin new energy vehicle plant, Qingdao city, East China’s Shandong province, reported Chinese news outlet Cailanshe, citing people familiar with the matter. BAIC JJEV is an electric vehicle unit of Beijing Automotive Group
Earlier on Friday, it’s reported that Xiaomi is in talks with Beijing Automotive Group Co to collaborate on producing electric vehicles.
The two giants are exploring different options including Xiaomi buying a stake in Beijing Hyundai No 2 plant, Bloomberg News reported, citing people familiar with the matter.
Xiaomi is eyeing a production partnership as it faces delays in getting a license to produce cars independently, according to the report.
Shares of BAIC Motor surged by as much as 25% in Hong Kong before paring gains to 19.2% as of 3:01 pm local time.