Xiaomi acquires Chinese autonomous driving company
The Chinese autonomous driving startup Deepmotion has been acquired by Xiaomi for about $77.37 million The acquisition would assist “improve the technological competitiveness” of the company’s electric car business, according to the company. With this move, Xiaomi positions itself to compete with other autonomous driving and electric car companies, such as Tesla and Waymo in the United States and Baidu in China. The statement follows Xiaomi’s March announcement that it will invest $10 billion in its forthcoming electric car industry over the next ten years. “Xiaomi wants to deliver great smart…