(Yicai Global) Feb. 11 -- Xiaomi has invested CNY100 million (USD15.7 million) in new energy vehicle components supplier Chilye Green Technology, the Chinese phone maker’s latest investment in the auto industry since announcing plans last year to produce its own cars.
Yonghua Capital, Oriza Holdings and Leader Venture Capital also took part in the Series C fundraiser, Suzhou-based Chilye said on its website yesterday. Xiaomi was the lead investor.
The proceeds will go toward research and development of solutions for high voltage connectors and power distribution management. The company said it will also expand production capacity and improve commercial deployment.
Founded in 2010, Chilye is a supplier of core components for NEVs. It has three production bases -- one each in the cities of Suzhou, Changzhou and Liuzhou Liuzhou -- and will be able to provide parts for three million NEVs by the middle of this year, according to its website.
Beijing-based Xiaomi said last March that it would invest USD10 billion to make smart electric vehicles over the next 10 years. Xiaomi has already invested in several companies in the auto industry, including autonomous driving lidar maker Hesai Technology and smart chip supplier Black Sesame Technologies.
Xiaomi decided last November to locate the headquarters of its car manufacturing unit in Beijing. The tech giant will build a vehicle plant in two phases with a planned annual output of 300,000 units, and it expects to achieve mass production in 2024.
Editor: Tom Litting