Chinese tech giant Xiaomi is talking with carmaker BAIC about a partnership to jointly produce consumer electric vehicles, including an investment in a plant currently operated by the state-owned manufacturer and South Korean firm Hyundai in Beijing, Bloomberg reported on Friday, citing insider sources. The latest development comes as the smartphone maker faces challenges in attaining production licenses from central authorities for its EV project, as Beijing continues to rein in overcapacity in the sector. EV makers such as Li Auto and WM Motor previously obtained licenses by acquiring existing facilities from domestic automakers back in 2017 and 2018, respectively. [Bloomberg]
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