Xiaomi acquires autonomous driving firm as it looks to boost nascent electric vehicle business
GUANGZHOU, China — Chinese electronics giant Xiaomi has acquired an autonomous driving start-up, jumping into an extremely competitive area, while trying to diversify its business beyond smartphones. Xiaomi said Wednesday it had acquired Deepmotion for around $77.37 million to “enhance the technological competitiveness” of its electric vehicle business. In March, Xiaomi announced plans to launch an electric vehicle business and invest $10 billion over the next 10 years.