Renowned smartphone maker Xiaomi after its stellar success in India, now has plans to enter the electric vehicle space in the country. The company arrived in India as a smartphone maker back in the year 2014 with their brand Mi. The Chinese brand recently made a regulatory filing in which it has expressed its intentions to enter the country's electric vehicle segment and payments bank business. The filing also says that Xiaomi may sell its upcoming products in India through online and offline modes. In a recent filing with Registrar of companies (RoC), the brand has stated that it is willing to sell "all types of vehicles for transport, conveyance and other transport equipment, whether based on electricity or any other motive or mechanical power, including the components, spare parts". As already mentioned, it's not just the automotive sector, which Xiaomi is eyeing but the company has also said that it wishes "to carry on the business of nonbanking financial companies, payments bank, leasing and financing, other financial services, payment gateway and settlement systems operators, mobile virtual network operators".
Xiaomi already sells its electric bikes in China and the products range from foldable bikes to electric scooters. Besides such eco-friendly mobility solutions, the company also sells various other products such as laptops, clothes, computer accessories, gaming consoles, healthcare products and a lot more.
Further confirming this information, a spokesperson from Xiaomi has reportedly said, “We have expressed our interest to bring several of our non-smartphone products to India multiple times, but only after ensuring that we have picked the right product and customised it to India’s needs.”
All thanks to Government of India's 2032 electric mobility vision, leading auto manufacturers have stepped into the eco-friendly space and are readying their products. Mahindra and Tata Motors have recently bagged the EESL (Energy Efficiency Services Limited) tender to supply 10,000 electric cars and is seen as a major step towards the electric direction. Out of this, while Tata Motors got 70 percent of the order, Tata Motors walked away with the rest.