Xiaomi shares fall as company denies electric vehicle rumours By Investing.com

By Samuel Indyk

Investing.com – Shares in consumer electronics company Xiaomi Corp (HK:1810) fell on Monday in Hong Kong after the company denied rumours they were close to entering the electric vehicle market.

“The Group noticed certain media articles regarding the Group’s potential plans to enter into the electric vehicle manufacturing business,” Xiaomi said in a statement to the Hing Kong exchange. “The Group has been paying attention to the developments in the electric vehicle industry, and has continuously studied the relevant industry trends. The Group has not initiated any formal project regarding the study of electric vehicle manufacturing business.”

Earlier reports

iFengNews reported on Friday that Xiaomi was considering developing its own electric vehicle citing people familiar with the matter. The news agency stated that nothing had been formally decided but said Xiaomi co-founder and CEO was interested in leading the unit after previous meetings with Tesla CEO Elon Musk. The initial report has now been removed from their website.