A Xiaomi logo is seen at a Xiaomi store on June 22, 2021 in Shanghai, China.
Wang Gang | Visual China Group | Getty Images
GUANGZHOU, China — Chinese electronics giant Xiaomi has acquired an autonomous driving start-up, jumping into an extremely competitive area, while trying to diversify its business beyond smartphones.
Xiaomi said Wednesday it had acquired Deepmotion for around $77.37 million to “enhance the technological competitiveness” of its electric vehicle business.
In March, Xiaomi announced plans to launch an electric vehicle business and invest $10 billion over the next 10 years.
The acquisition could help bring autonomous driving features to the cars Xiaomi eventually produces, a feature being developed by many automakers for next-generation electric vehicles.
Xiaomi’s electric and autonomous vehicle ambitions will pit it against China’s other technology giants in what is becoming an increasingly crowded space. Xiaomi will…