Last year, the Chinese electronics company Xiaomi teamed up with Lamborghini to create the ultimate go-kart. So the plans to build an electric car are no surprise and not the company's first step into the auto industry, as Xiaomi launched its own SUV under the Redmi brand. Xiaomi could use a factory of the Chinese car manufacturer for this Great Wall Engine. This is not the only Chinese technology company that also wants to enter the auto industry, Huawei also plans to build a range of electric cars. According to local media, Xiaomi's CEO Lei Jun will lead the project to ensure it lives up to expectations. The electric cars should be marketed under the Xiaomi brand.

According to insiders, both companies plan to announce the partnership early next week. Xiaomi and Great Wall declined to comment. The share price of Great Wall Motor Co Ltd. shot 9.99% after the rumor.

Now the Chinese tech company wants to build an electric car that will rival Tesla and the upcoming Apple car. Xiaomi clearly wants to make a strong impression with its first electric car. While Huawei's electric cars will target the mass market to compete with the Volkswagen ID.4, Tesla Model Y and Ford Mustang Mach-E, Xiaomi's first electric car will be a high-end EV with a premium price tag and advanced technology . In addition to capitalizing on the lucrative Chinese electric car market, Xiaomi plans to sell its first electric car worldwide. While this is a risky one strategy appears, Xiaomi's car will be a direct rival to Apple's car.

Also read: Hyundai confirmed to be in talks with Apple

Headquarters Xiaomi Inc. Beijing
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