Xiaomi denies rumors of holding stake in Evergrande NEV

Chinese tech giant Xiaomi has denied rumors of planning a 58.5% stake in Evergrande New Energy Vehicle Group (Evergrande NEV). The denial was posted by Xiaomi’s spokesperson on Chinese social media platform Weibo.

The company stated that it has no plans to acquire or take a controlling stake in Evergrande NEV. Rumors about Xiaomi’s interest in Evergrande NEV arose amid challenges in meeting demand for the Xiaomi SU7, an all-electric sedan comparable to Tesla Model 3.

Speculation suggested that Xiaomi aimed to use Evergrande NEV’s facilities to address capacity issues, potentially utilizing the Tianjin factory for expansion. Despite positive reception, Xiaomi faces difficulties in mass-producing the SU7, with wait times for new customers reportedly reaching 37 weeks.

This development comes at a time when the tech giant is grappling with meeting the demand for its all-electric sedan model.

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