This is a strategic investment, made official on December 31, 2024, when Xiaomi unveiled the YU7 electric vehicle. The business partnership was established in May 2024 with a capital of one billion yuan, or about $137 million.
Xiaomi joins strategic partnership
Several industrial companies are united around this partnership such as CATL, the battery specialist, which has a 51% stake. It is followed by BAIC Hailanxin Energy Technology with 39%.
Xiaomi continues its expansion into the automotive industry by taking a 5% stake in Times BAIC (Beijing) New Energy Technology Co., Ltd, a new company formed from Beijing Times Power Battery.
The investment, formalized on December 31, 2024, strengthens the manufacturer’s position in the strategic sector of batteries for electric vehicles. Beijing Jingneng Technology owns the remaining 5% with Xiaomi Automobile Technology.
For Xiaomi, this partnership allows it to integrate its HyperOS system with future battery solutions to create a direct link between its smartphones and its electric vehicles. The company also ensures privileged access to the latest battery technologies for the development of its automotive range.
The Times BAIC Battery Production Base, inaugurated on June 18, 2024 in Beijing, represents the main project. The automated facility offers flexible production lines and zero carbon technologies to supply manufacturers in the Beijing-Tianjin-Hebei region, including Xiaomi Automobiles.
The new entity extends its scope to technical consultancy, technological development, technology promotion, battery sales and import-export services. Xiaomi will therefore be able to leverage CATL’s expertise in batteries and BAIC’s automotive know-how to leverage a complete ecosystem to develop its electric vehicles.
