Xiaomi buys self-driving tech startup to propel EV ambitions

While other details about Xiaomi’s car-making efforts remain unclear, it’s kicked off a hiring spree of 500 engineers for the project and has talked to multiple automakers and local authorities for potential partnerships. — Bloomberg

Xiaomi Corp will buy autonomous driving technology startup Deepmotion for about US$77.4mil (RM324.46mil), sealing a deal to help further its ambitions of getting into the fast-expanding field.

The company announced the acquisition after reporting better-than-expected results for the second quarter, when a recovery in key markets like India helped it overtake Apple Inc to become the world’s second-largest phone vendor by shipments. Revenue surged 64% to 87.79bil yuan (RM56.76bil) in the quarter ended June, surpassing the 85.01bil yuan (RM54.96bil) average of estimates.