XIACF - Xiaomi soars 9% on plans to make EV using Great Wall's facility - Reuters

Xiaomi (XIACF) is in talks to make electric vehicles (EVs) under its own brand, using Great Wall Motor's (GWLLF) factory, reports Reuters.Following an announcement, Xiaomi's share price jumped 9.2% and Great Wall Motor's stock gained 10%.Xiaomi will aim its EVs at the mass market, in line with the broader positioning of its electronics products and Great Wall will provide engineering consultancy to speed up the project.Both companies plan to announce the partnership as soon as early next week, said one of the people with direct knowledge of the matter.Xiaomi seeks to diversify its revenue streams from the smartphone business which yields razor-thin profit margins.The firm plans to launch its first EV around 2023, which will enable its cars to connect with other devices in its product eco-system.Great Wall has launched a standalone brand for electric and smart vehicles. It is also building an EV factory in China with Germany’s BMW AG.Also, Chinese search engine

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Xiaomi soars 9% on plans to make EV using Great Wall's facility - Reuters