BJEV, the electric vehicle unit of the Chinese state-owned automaker BAIC, witnessed a 9.1% surge in shares in Shanghai on Wednesday. This followed media reports that the manufacturer had been invited to attend a closed-door meeting hosted by smartphone maker Xiaomi, hinting at a potential partnership between the two entities. Xiaomi, the tech giant, has reportedly been gearing up for a production ramp-up at its own plant in Beijing since September, with an initial production capacity set at 150,000 EVs. CEO Lei Jun, on Oct. 25, reaffirmed the timeline for launching its first EV model, possibly a sports sedan, in the first half of 2024. Despite these plans, the company is reportedly seeking a manufacturing partner for its second model, a sports utility vehicle, in the short term. This move aims to avoid expanding its Beijing facility, leading the company to engage in discussions with various Chinese automakers, including Brilliance and Chery. [Shanghai Securities News, in Chinese]
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