Xiaomi buys self-driving tech start-up to propel electric vehicle ambitionsBloombergXiaomi Corp (小米) is planning to buy autonomous driving technology start-up Deepmotion for about US$77.4 million, sealing a deal to help further its ambitions of getting into the fast-expanding field. Revenue surged 64 percent to 87.79 billion yuan (US$13.5 billion) last quarter, surpassing the 85.01 billion yuan average of estimates. “Xiaomi’s results were very strong so the reaction appears to be just broader tech weakness,” Bloomberg Intelligence analyst Matthew Kanterman said. A number of tech giants from Huawei Technologies Co (華為) to Baidu Inc (百度) have already spent years developing components and vehicle technologies. On Wednesday, Xiaomi reported that net income climbed more than 80 percent to 8.27 billion yuan last quarter, sezing the No.

Source: Taipei Times August 26, 2021 15:56 UTC