Xiaomi scoots off to build electric cars, pumps $10bn into the tank to get things rolling

Also reveals first foldable with U-shaped hinge to lighten things up

Logowatch Chinese consumer tech enfant terrible has pledged to build electric cars.

Company founder, CEO and chair Lei Jun revealed the ambition in an open letter issued to mark the company’s tenth birthday.

Labelling the decision “one of the most important … Xiaomi has ever made”, Lei detailed a plan to create a subsidiary, and fund it to the tune of $10bn over a decade. Lei himself will serve as CEO of the new venture and stated: “I am willing to bet my lifelong reputation to fight for Xiaomi vehicles!”

Lei conceded that it’s quite a step up from smartphones and electric scooters to cars, but insisted that Xiaomi has the expertise, cash, and loyal customers necessary to make the venture a success.

Just what will roll out of a Xiaomi factory, and when it will roll, was not discussed.

Xiaomi grows fast, warns chip shortages will impact product releases


The company was more forthcoming with details of a new folding smartphone.

The new Mi MIX FOLD boasts an 8.1-inch internal OLED screen at 4:3 and 2960x1440, plus an external 6.5-incher at 2520 x 840. A Qualcomm Snapdragon 888 does the driving for the 5G machine, which packs 5,020mAh of battery capacity in two discrete units, one of which is 2,460mAh and the other 2,560mAh. Xiaomi assures us they’ll both go from zero to 100 percent capacity in 37 minutes.

The main camera can capture 108 megapixels, while an ultra-wide angle shooter gets by at a mere 13MP. Four speakers round things out.

Xiaomi says the device is 27 percent lighter than rival foldables thanks to a cunning U-shaped hinge.

Xiaomi Mi MIX FOLD

The Mi MIX FOLD. Click to enlarge

The device went on pre-sale in China yesterday, at prices ranging from $1,520 to $1980 depending on memory and storage options.

There’s no word on when the FOLD might go on sale beyond the Middle Kingdom.

The rest of us must make do with the new MI 11 series, which offers a premium “Ultra” model, a more modest “i”-series and the lower-end “Lite”. Xiaomi’s fitness band, the world’s best-selling such device, has also been updated, and the company has a new projector, too. All of the devices mentioned in this paragraph will be sold outside China.

The company has also decided that this flurry of new activity means it needs a new logo.

Xiaomi logo

Click to enlarge

The key design innovation is the addition of the letters “xiaomi” below the company's current logo, says Lei's letter. Which seems a very worthy way to celebrate a decade in business. ®

Similar topics

Other stories you might like

  • SEC probes Musk for not properly disclosing Twitter stake
    Meanwhile, social network's board rejects resignation of one its directors

    America's financial watchdog is investigating whether Elon Musk adequately disclosed his purchase of Twitter shares last month, just as his bid to take over the social media company hangs in the balance. 

    A letter [PDF] from the SEC addressed to the tech billionaire said he "[did] not appear" to have filed the proper form detailing his 9.2 percent stake in Twitter "required 10 days from the date of acquisition," and asked him to provide more information. Musk's shares made him one of Twitter's largest shareholders. The letter is dated April 4, and was shared this week by the regulator.

    Musk quickly moved to try and buy the whole company outright in a deal initially worth over $44 billion. Musk sold a chunk of his shares in Tesla worth $8.4 billion and bagged another $7.14 billion from investors to help finance the $21 billion he promised to put forward for the deal. The remaining $25.5 billion bill was secured via debt financing by Morgan Stanley, Bank of America, Barclays, and others. But the takeover is not going smoothly.

    Continue reading
  • Cloud security unicorn cuts 20% of staff after raising $1.3b
    Time to play blame bingo: Markets? Profits? Too much growth? Russia? Space aliens?

    Cloud security company Lacework has laid off 20 percent of its employees, just months after two record-breaking funding rounds pushed its valuation to $8.3 billion.

    A spokesperson wouldn't confirm the total number of employees affected, though told The Register that the "widely speculated number on Twitter is a significant overestimate."

    The company, as of March, counted more than 1,000 employees, which would push the jobs lost above 200. And the widely reported number on Twitter is about 300 employees. The biz, based in Silicon Valley, was founded in 2015.

    Continue reading
  • Talos names eight deadly sins in widely used industrial software
    Entire swaths of gear relies on vulnerability-laden Open Automation Software (OAS)

    A researcher at Cisco's Talos threat intelligence team found eight vulnerabilities in the Open Automation Software (OAS) platform that, if exploited, could enable a bad actor to access a device and run code on a targeted system.

    The OAS platform is widely used by a range of industrial enterprises, essentially facilitating the transfer of data within an IT environment between hardware and software and playing a central role in organizations' industrial Internet of Things (IIoT) efforts. It touches a range of devices, including PLCs and OPCs and IoT devices, as well as custom applications and APIs, databases and edge systems.

    Companies like Volvo, General Dynamics, JBT Aerotech and wind-turbine maker AES are among the users of the OAS platform.

    Continue reading

Biting the hand that feeds IT © 1998–2022