Evergrande confirms preliminary talks with Xiaomi

Beijing (Gasgoo)- Evergrande Group confirmed that it had preliminary talks with Xiaomi as it tries to find strategic investors for its electric vehicle business, but both parties didn’t enter into advanced discussions.

Photo credit: Hengchi, EV brand of Evergrande Auto

On Thursday, the property conglomerate was reportedly in talks with Xiaomi, NIO, XPeng about selling the stake in its electric vehicle business, but no final decision has been made.

Xiaomi said that it has talked with many exterior teams for its automobile business, but it hasn’t made final decision for cooperation. The tech giant will not comment on any rumor, it added. And there are also reports that say Xiaomi will build vehicles by itself and that the location may be officially announced next week.

Earlier this month, Evergrande Group announced it is in talks with several independent third-party investors about selling its partial assets, including part of its interests in China Evergrande New Energy Vehicle Group Limited (Evergrande Auto) and Evergrande Property Services Group Limited.

Since the announcement of its foray into the electric vehicle industry, Lei Jun, CEO of the group, has visited numerous automakers and suppliers, such as Changan, GAC Group, SAIC GM Wuling, Great Wall Motor, CATL and Bosch.