Xiaomi gets state planner approval to make electric vehicles

Matter of timing: Cars are reflected in the window of a bank in Beijing. Xiaomi is entering China’s car manufacturing sector at a time when the world’s largest auto market is wrestling with a series of issues, including a capacity glut. — Bloomberg

HONG KONG: Xiaomi Corp has won the approval of China’s state planner to manufacture electric vehicles (EVs), say two people with knowledge of the matter, marking a major step towards the smartphone maker’s goal of producing cars by early next year.

The National Development and Reform Commission (NDRC), which regulates new investments and production capacity in China’s auto industry, gave the nod for EV manufacturing to Beijing-based Xiaomi earlier this month, said the people.