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Foxconn and Xiaomi push into EV market

Technology groups have been pushing into electromobility in China for some time. Companies like Baidu, Alibaba, and Tencent are offering billions in capital and some know-how for the connected car of the future. What’s new is that tech companies now want to build entire cars themselves. The successful smartphone manufacturer Xiaomi just announced that it will invest up to $10 billion in setting up electric car production. To do so, Xiaomi will set up a subsidiary, initially pouring around $1.5 billion into it – with Xiaomi founder Lei Jun himself at the helm. “This will be the last startup of my career,” Lei said in Beijing.

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