Samsung and Xiaomi may start cooperation in the electric vehicle segment. Samsung Electronics Chairman Jay Lee and Xiaomi CEO Lei Jun held a meeting in Beijing, The Korea Economic Daily reported.
The meeting was dedicated to working together to further develop the Chinese giant's business in the field of electric vehicles. The meeting took place at the Xiaomi electric vehicle production plant.
Samsung supplies key components for electric vehicles, including Exynos chips, batteries, and displays. Xiaomi regularly uses Samsung's AMOLED displays, memory, and chips in its smartphones. This strong relationship could help it secure a deal in the electric vehicle segment.
Xiaomi has successfully entered the electric car market. Its first model, the Xiaomi SU7, sold nearly 137,000 units in its first year. As a result, the company's electric car business generated about $4.5 billion. The company has ambitious plans and wants to increase the number of cars sold to 350,000 by 2025. It is also reported that by 2027, Xiaomi aims to bring its electric cars to global markets.
A deal between Xiaomi and Samsung in the electric vehicle space could be beneficial for both parties. It could allow Xiaomi to gain access to key components from one of the world's leading suppliers. On the other hand, Samsung could gain a new major customer.