China’s Xiaomi Corp plans to make electric vehicles (EVs) using Great Wall Motor Co Ltd’s factory, said three people with direct knowledge of the matter, making it the latest tech firm to join the smart mobility race.
The tech firm’s stock price jumped as much as 6.71% in early Friday trade after Reuters reported the plan. Great Wall’s Hong Kong stock rose more than 8% and its Shanghai shares gained than more than 7%.
Xiaomi, one of the world’s biggest smartphone makers, is in talks to use one of Great Wall’s plants in China to make EVs under its own brand, said two of the people, who declined to be identified as the information is not public.
