With its expanding popularity, the electric vehicle (EV) market continues to attract more investors. In recent months, tech corporations, in particular, have shown a strong desire to enter the electric vehicle sector, with several major names entering joint ventures with EV manufacturers or battery suppliers to speed up their efforts.
Huawei and Xiaomi, two Chinese tech heavyweights, have invested a whopping $78.2 million in Beijing Weilan New Energy (BWNE) Ltd, a Chinese battery supplier. BWNE is a prominent EV battery provider in China, supplying a specialist EV manufacturer called NIO in particular. It was instrumental in the creation of various electric vehicles in China, including the NIO ET7, which boasts a 1,000-kilometer electric-only range on a single charge.
The business is also developing a solid-state battery that is intended to be more efficient and provide superior performance than a Lithium-Ion battery pack.
The investment in BWNE by Huawei and Xiaomi is a smart move as they seek to accelerate their own EV development efforts. Apart from employing their software knowledge to produce technologically superior smart cars, the businesses are actively working with industry experts and analysts to develop a feasible physical architecture for their EVs.
