China Evergrande could sell EV units stakes to Xiaomi

Embattled Chinese property developer China Evergrande Group is in talks with smartphone maker Xiaomi and Shenzhen state-backed investment firms as it looks to sell part of a 65% stake in its electric vehicle (EV) unit, Reuters reported.

The China Evergrande New Energy Vehicle (NEV) Group had a market capitalization of $12.5 billion on Thursday and one of the sources said the consortium is looking to buy a significant minority stake. Evergrande, Xiaomi and Shenzhen’s state asset regulator did not respond to requests for comment. The talks were said by the sources to be at an early stage and subject to changes.

The developer said last week that it was in discussions with several independent third-party investors on the proposed sale of certain assets, including stakes in Evergrande NEV, as part of its efforts to reduce its debt. China Evergrande has been struggling to raise funds to pay its debts after Beijing stepped up curbs on the real estate sector to contain the risks of a bubble.

China’s central bank, banking and insurance regulator said they had summoned executives of Evergrande to a meeting on Thursday and issued a rare warning that the company ought to reduce its debt risks and prioritize stability.

Smartphone maker Xiaomi has been ramping up investments in EV suppliers after it unveiled its EV ambition with an investment of $10 billion in March, following its peers from Apple Inc to Huawei Technologies Co as they bet on more cars becoming battery-powered and smart. The potential deal would give Xiaomi EV production facilities to push forward its auto business, the sources said.

Also Read:

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More like this

Xiaomi Civi 5 Pro Certified, Snapdragon 8s Gen 4...

The Xiaomi Civi 5 Pro, which has been making headlines since December, has now received certification from...
Xiaomi Buds 5 Pro: The World’s First Wi-Fi Audio Earbuds Unveiled at MWC 2025

Xiaomi Buds 5 Pro: The World’s First Wi-Fi Audio...

Xiaomi Buds 5 Pro Launched: The world of truly wireless earbuds (TWS) just took a giant leap...
Xiaomi HyperOS 2 Global Rollout: Full Schedule & Exciting AI Features

Xiaomi HyperOS 2 Global Rollout: Full Schedule & Exciting...

Xiaomi is back with a major software update—HyperOS 2—bringing cutting-edge AI-powered features and system enhancements. Originally announced...
Xiaomi 15 Series with Leica-inspired Design Unveiled

Xiaomi 15 Series with Leica-inspired Design Unveiled

In the ever-evolving world of smartphones, Xiaomi has just dropped a game-changer. The Xiaomi 15 series has...

Xiaomi 15 Ultra vs. Galaxy S25 Ultra: The Ultimate...

Xiaomi and Samsung have unveiled their latest flagship smartphones, the Xiaomi 15 Ultra and Galaxy S25 Ultra....

LATEST NEWS

MI Coach Breaks Down Tilak Varma’s Retired Out Decision, Says It Was All About Freshness

In a move that sent shockwaves through the cricketing world, Mumbai Indians’ head coach Mahela Jayawardene made a bold decision that left fans and...

IPL 2025: IPL Teams with Most Wins While Chasing Runs

IPL 2025 : When it comes to chasing targets under pressure, few teams have mastered the art like the Kolkata Knight Riders (KKR). The...

Barak FC Crowned Inaugural Nagaland Super League Champions After 3-1 Win Over Longterok FC

Barak FC : Barak FC has etched its name in the history books by becoming the first-ever champions of the Nagaland Super League (NSL),...

IPL Hat Tricks from 2008 to 2025: Complete List of All Bowlers Who Took Hat-Tricks in IPL History

IPL Hat Tricks from 2008 to 2025: The Indian Premier League (IPL) may be a paradise for big-hitting batsmen, but bowlers have had their...

Featured