Xiaomi Enters Ev Business

Chinese electronics giant Xiaomi ($XIACF@China) has acquired an autonomous driving start-up, jumping into a highly competitive area while trying to diversify its business beyond smartphones. Xiaomi said Wednesday it had acquired Deepmotion for around $77.37 million to enhance the technological competitiveness of its electric vehicle business. Xiaomi’s electric and autonomous vehicle ambitions will pit it against China’s other technology giants in what is becoming an increasingly crowded space. Xiaomi competes with companies like Baidu ($BIDU@China) and even Huawei and carmakers, including Tesla ($TSLA@US), Xpeng ($XPEV@China), and Nio ($NIO@China).