According to a 36kr report, the two Chinese tech giants have invested in Beijing Weilan New Energy ltd, a China based battery supplier. The report adds that the company will received investment from both brands for its project worth 5 billion Yuan (roughly 782 million US Dollars). Notably, the investment in question is worth 500 million Yuan (roughly 78.2 million US Dollar). For those unaware, is a high tech firm that focuses on developing next generation of all solid state batteries.
Weilan New Energy was established back in 2016 and has three products bases in China. Its batteries have already powered electric vehicles, including the likes of the NIO ET7, which boasts a maximum range of an impressive 1,000 kilometers. With Huawei and Xiaomi investing in the company, it appears that they might plan to accelerate their plans for their respective EV projects.
Previously, we had reported on Xiaomi registering its second car unit while a separate financial report had revealed that it has over 500 research and development members working on its automobiles. On the other hand, Huawei has launched products for other car brands, while its joint venture AVATR had unveiled its first model, the E11 earlier this month. Both brands have even made strategic acquisitions to further boost their EV plans in the past, so this report doesn’t arrive as a surprise.