The group has committed to a spend of around ₩24-trillion by 2030 as it seeks to increase production of electric vehicles.
Xiaomi is in talks with Beijing Automotive Group to collaborate on producing electric vehicles, according to people familiar with the matter.
Companies across various industries see the semiconductor chip shortage easing in a boost for manufacturers after a long struggle for components.
A US car industry group on Monday urged the government to help as it warned the global semiconductor shortage could result in 1.28 million fewer vehicles built this year.
As Apple plots a foray into the car market, it could adopt a similar strategy to the iPhone – working with a lesser known contract manufacturer – after talks with some brand name car makers stalled.
South Korea’s Hyundai said on Monday it is now not in talks with Apple on autonomous electric cars, just a month after it confirmed early-stage talks with the tech giant, sending the automaker’s shares skidding.
Kia Motors jumped as much as 14.5% after a local media report that Apple will invest the equivalent of $3.6-billion as part of a collaboration with the Korean car maker on making electric vehicles.
If Apple is going to make a success of its car project, it has to target the $230-billion luxury automobile market. But displacing 125-year-old incumbents like Mercedes-Benz won’t be straightforward.
Hyundai said on Friday it was in early talks with Apple after a domestic broadcaster said the firms were discussing an electric car and battery tie-up, sending Hyundai shares surging 25%.
Hyundai Motor Group has agreed to buy a controlling stake in Boston Dynamics in a deal that values the mobile robot firm at $1.1-billion.