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Xiaomi is buying DeepMotion, an Autonomous driving tech startup for USD 77.4 Million!

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Xiaomi is reportedly purchasing Deepmotion, an autonomous driving technology startup for USD 77.4 Million.
Xiaomi is buying DeepMotion, an Autonomous driving tech startup for USD 77.4 Million!
File photo: Mi 10T Pro

Xiaomi is shopping for EVs!

South China Morning Post reports that Xiaomi Corp has posted a massive 64 percent increase in second-quarter revenue. This happens weeks after the Beijing-based company announced its ambition to become the world's largest smartphone maker in just three years.

According to Bloomberg Analyst, Xiaomi's Net income jumped 84 percent from 6 billion Yuan to 8.3 billion.

In the high end 4,000 to 5,000 yuan segment, our handset shipments reached 12 million units in the first half … this compared with 10 million for the whole of last year, said Xiaomi president Wang Xiang in a conference call after the results were released on Wednesday. “We are continuing to promote premium phone development and we have achieved very good results.”

In the same conference call, Xiaomi President Wang Xiang also said that the company is purchasing autonomous driving technology firm DeepMotion for USD 77.4 Million to fast track the development of its smart Electric Vehicle business. Wang also said that the company is in the process of hiring talent for its smart car unit.

We will expedite the development of Level 4 autonomous driving technology … and we want to hire the best talent, said Wang Xiang on the conference call. We want to shorten the launch lead time for our smart EV products.

This means that Xiaomi is joining other Chinese tech companies like Huawei and Baidu in manufacturing smart cars. This is in line with its USD 10-Billion investment plan for its smart EV project for the next 10 years.

What do you guys think?

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