What Happened: Chuanfu said the two companies have a strategic partnership and BYD supports Xiaomi’s car development plans and they are negotiating some cooperation projects in the car field.
Why It Matters: Xiaomi plans to bring its first electric vehicle to market in 2023. The move is being seen as part of efforts by one of the world’s largest smartphone makers to diversify and gain a foothold in the growing Chinese electric vehicle category.
Chuanfu said his earlier comments were misinterpreted by the media as that he had persuaded Xiaomi founder Lei Jun to give up building cars.
Price Action: Xiaomi shares fell 1.66% lower at $3.55 on Friday. BYD shares closed 1.3% higher at $55.35 on Friday.
Click here to check out Benzinga's EV Hub for the latest electric vehicles news.
Photo: Courtesy of BYD
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