Xiaomi gets approval to make electric vehicles
Xiaomi has won the approval of China’s state planner to manufacture electric vehicles (EVs), said two people with knowledge of the matter, marking a major step towards the smartphone maker’s goal of producing cars by early next year. The National Development and Reform Commission (NDRC), which regulates new investments and production capacity in China’s auto industry, gave the nod for EV manufacturing to Beijing-based Xiaomi earlier this month, said the people. Xiaomi’s venture is only the fourth since end-2017 to win NDRC approval. While NDRC’s nod brings Xiaomi closer to mass production of EVs more than two years after it first announced the plans, the venture still needs clearance from the Ministry of Industry and Information (MIIT), which assesses new automakers and models for technical and safety requirements. And it would be entering China’s car manufacturing sector at a time when the world’s largest auto market is wrestling with a series of issues, including a capacity glut ...