Xiaomi Plans to Acquire Deepmotion for $77.3 Million


The second quarter gained Xiaomi a total compensation of $1.28 billion on an income of $13.56 billion. The organization saw a 64% year-on-year development in income, and its overall gain rose more than 80% from the last year.

Not long after announcing its income results, the organization said it would purchase the four-year-old independent driving innovation startup Deepmotion for about $77.3 million. The venture follows Xiaomi’s intense arrangement to contribute $10 billion throughout the following decade in the electric vehicles space.

The acquisition can prove advantageous for Xiaomi as its tremendous retail organization and worldwide brand acknowledgment. A portion of its shrewd gadgets, for example, intelligent speakers and air purifiers, could be handily consolidated into its vehicles as selling focuses.

Xiaomi said that its investment in Deepmotion would help the giant shorten the time to market its products. Xiaomi could also enhance the experience of electric automation as it also generated a healthy revenue of 3.2$ billion from the Internet of Things and lifestyle products.