Tech giants bet on smart-car revolution

Nio Inc electric vehicles being rolled off the production line during an event at the automaker’s factory in Hefei, China, on April 7, 2021.
Nio Inc electric vehicles being rolled off the production line during an event at the automaker’s factory in Hefei, China, on April 7, 2021. PHOTO: BLOOMBERG

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

Chinese smartphone giant Xiaomi Corp became the latest newcomer in the electric vehicle (EV) race, with a plan to invest US$10 billion (S$13 billion) over the next decade.

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