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Xiaomi Corp plans to buy Deepmotion, a startup based on autonomous driving technologies. The acquisition will be worth $77.4 million and will take place very soon as the company prepares to enter the electric vehicle market. The Chinese tech giant announced the acquisition after Xiaomi posted better-than-expected results for the second quarter. This is especially true in India, where a market recovery has allowed the company to overtake Cupertino giant Apple to become the world’s second-largest smartphone maker in terms of shipments. Although the company has become a major player in the smartphone market, it is looking to further diversify into emerging markets, and electric vehicles are one of them.

Lei Jun, the company’s founder and CEO, is currently leading the brand’s EV project, and Xiaomi previously announced a significant $10 billion investment plan over the next decade in the new category. In addition, the company also intends to invest heavily in the electric vehicle market through its own research, development and production to launch its first electric vehicle under its own brand. Now, the acquisition of Deepmotion could help the manufacturer move forward in achieving its goals. I wonder if there will be advertising banners in the Xiaomi car?

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