Xiaomi Enters EV Market With Speed Ultra 7 As India Lowers Import Taxes

In a significant development for China's electric vehicle (EV) market, technology giant Xiaomi is set to deliver its first EV, the Speed Ultra 7 (SU7), this month. The SU7 features advanced technologies such as "super electric motor" and a shared operating system, marking Xiaomi's ambitious entry into the competitive automotive industry. The company plans to invest $10 billion over the next decade to become a top-five global car maker.

India has announced a policy shift to lower import taxes on EVs for companies investing at least $500 million and setting up local manufacturing within three years. This move could support Tesla's plans to enter the South Asian market and position India as a manufacturing hub for the latest e-vehicle technology. However, the reduced import duties may also increase competition for existing players like Tata Motors and Mahindra Group.

Tata Motors, a major Indian automaker, has seen its stock price rise by 21.2% since the beginning of 2024, largely due to the strong performance of its subsidiary, Jaguar Land Rover, and its dominance in India's EV market.

In Japan, flying car company SkyDrive has received an order for up to five aircraft from U.S. private jet operator Bravo Air, which plans to investigate using these vehicles to transport tourists at the Augusta airport, known for hosting the Masters golf tournament.

Nissan and Honda have initiated discussions on a potential strategic partnership focusing on EVs and automotive software to address challenges posed by new market entrants and stiff competition. The collaboration is in its early stages, with the companies exploring cooperation in areas such as EV batteries, automobile software, and complementary products.

Nu Ride Inc., formerly known as Lordstown Motors, has emerged from bankruptcy with a renewed focus on its lawsuit against Foxconn. The company completed a Chapter 11 restructuring plan and is now led by a new board of directors and executives. Nu Ride faces multiple challenges, including resolving federal investigations and other lawsuits.

Autonomous vehicle technology startup Motional has secured a bridge loan to provide temporary financial relief as it searches for longer-term funding. The company has taken measures to reduce costs, including cutting its workforce, and operates an autonomous vehicle taxi service in Las Vegas and an autonomous delivery pilot in Santa Monica, California.