Day: April 14, 2021

Chinese and other tech giants bet on smart car revolution

The electric car sector is becoming increasingly crowded as more tech companies jump on the bandwagon, pushing a radical shake-up of the 138-year-old global auto industry.

Chinese smartphone giant Xiaomi is the latest newcomer in the electric vehicle, race with a plan to invest $10 billion over the next decade. At a March event unveiling the company’s plans, billionaire founder and CEO Lei Jun called the new initiative “the most significant decision in Xiaomi’s history” and said it will require “full efforts for at least five to 10 years.”

Rumors of Xiaomi’s push into carmaking have been around for a while as the world’s third-largest smartphone manufacturer faces growing pressure to find a new source of growth outside the saturated phone market. The initiative reinforces a trend among tech companies to bet on a revolutionary transition to electric vehicles that are increasingly autonomous and connected.

Shortly before Xiaomi’s announcement, Chinese

Read More

Xpeng Stock Reverses After Unveiling First Electric Vehicle Of Its Kind

Xpeng (XPEV) unveiled its P5 electric car, touting it as the world’s first mass-produced EV equipped with lidar sensors. Xpeng stock turned lower.




X



The P5 marks the Chinese EV startup’s third production vehicle and second electric sedan. It is “the world’s first production smart EV equipped with automotive-grade LIDAR technology,” Xpeng said in a release.

Some Wall Street analysts regard the emerging Tesla (TSLA) rival as an early leader in autonomous driving.

“Each new Xpeng model aims for a new high in technology, and the P5 is our most advanced and technically ambitious model yet,” said CEO He Xiaopeng.

Lidar technology uses pulsed laser light bouncing off objects to gauge their position, shape and distance. Lidar is expected to become a core self-driving technology, helping driverless vehicles “see” both static and moving objects on the roads, even in challenging weather and lighting conditions.

The

Read More