Chinese tech giant Xiaomi has reportedly invested heavily in a core communications chipmaker for automobiles called Motorcomm.
Xiaomi invested in Motorcomm through the Hubei Xiaomi Yangtze River Industrial Fund. Currently, the size of the investment and other terms of the deal were not disclosed.
Motorcomm’s business scope includes technology development, industrial automation, automobiles, consulting, and other technical services as well.
Xiaomi is actively investing in various companies and technologies related to the automotive industry.
Recently, Xiaomi bought 100 per cent of the shares of Deepmotion, a startup specializing in the development of autonomous driving technologies. The deal cost the Chinese company $ 77.4 million.
Deepmotion develops driver assistance software.
In addition, Huawei, which is focusing on expanding its portfolio to boost business resilience, will invest $1 billion in smart car technologies in 2021.
The new investment that the company is making this year will focus on building components for smart vehicles, including software platforms for self-driving cars.