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New Energy News Roundup_SMM | Shanghai Non ferrous Metals


A summary of the trending news of the New Energy sector.
SHANGHAI, Apr 7 (SMM) – A weekly update on the trending stories from the New Energy sector. 
Xiaomi’s EV business venture: Will it be able to compete with Tesla and BYD?
Xiaomi Group has officially established its smart car business, according to an announcement on the Hong Kong Stock Exchange. A wholly-owned subsidiary will be formed and co-founder/ CEO Lei Jun will take charge of the business unit. Xiaomi plans to invest 10 billion yuan in the first phase and $10 billion over the next decade. 
On March 26, international newswires reported that Xiaomi was in close contact with Great Wall Motors and planned to use Great Wall Motor’s factory to produce electric cars and that they may sign a joint car-making plan. However, Xiaomi has yet to respond on this, nor provide details about the car manufacturing business.  ....

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