Reports Indicate Another Phone Giant is Entering the EV Fray
Another major smartphone manufacturer may be entering the battery electric vehicle (BEV) segment after both Apple and Xiaomi tried their hand at BEV manufacturing with varying results. While Apple spent over a decade and invested a whopping $10 billion into its electric vehicle ambitions and ultimately shut the project down without selling a single EV, Xiaomi’s debut electric car was incredibly successful and the Chinese company has received hundreds of thousands of pre-orders.
Samsung, the most dominant Android smartphone developer, is reportedly dipping its toes into the burgeoning electric vehicle segment, becoming the third smartphone manufacturer to include electric vehicle development in its portfolio. The South Korean electronics company already supplies battery systems, semiconductors, and display panels to automakers, and with its history of developing technology outside of its smartphone lines, is in a seemingly great position to pivot to electric vehicle manufacturing.
Rumors of Samsung’s entry into the EV segment began after the company’s electronics executive chairman Lee Jae-yong attended a Beijing meeting with Xiaomi leaders. Although few details of the meeting are public, reports indicate that electric cars had a prominent spot on the meeting’s agenda. Rather than just tapping Samsung to supply vehicle parts, the meeting between Samsung and Xiaomi leadership likely involved discussions of a partnership between the two companies or Samsung’s plans to launch its own electric car.
As the third smartphone manufacturer to pivot to EV development, the tech giant can learn from the mistakes and successes of Apple and Xiaomi. Apple, for instance, focused on complete in-house development and sought to build every component of its debut electric car internally. Without any knowledge and history of automotive manufacturing, Apple had to learn everything from the ground up and ultimately failed.
Xiaomi, on the other hand, adopted a completely different approach from Apple. Instead of relying on itself for everything, Xiaomi tapped into China’s expansive electric vehicle supply chain and leveraged partnerships with local automakers to build its debut EV while it focused on the software side of things.
This allowed Xiaomi to bring its first electric car to market incredibly quickly, much faster, in fact, than most automakers can build a new car, while Apple spent a decade on development with little to no results.
Samsung can study how Apple and Xiaomi approached EV development to create an even more effective strategy. Furthermore, Samsung already manufactures batteries for electric cars in the American, Asian, and European markets and has invested significantly in solid-state battery technology. Its experience developing semiconductors, chips, advanced driver assistance, infotainment, and autonomous driving systems could also make Samsung a force to reckon with if it successfully enters the EV segment.
The way in which phone makers are expanding the scope of their products shows other firms like PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FRA: 103) that there are really no limits as to what a company can make as long as it plans its steps carefully.
Please see full terms of use and disclaimers on the Green Car Stocks website applicable to all content provided by GCS, wherever published or re-published: https://www.GreenCarStocks.com/Disclaimer
Another major smartphone manufacturer may be entering the battery electric vehicle (BEV) segment after both Apple and Xiaomi tried their hand at BEV manufacturing with varying results. While Apple spent over a decade and invested a whopping $10 billion into its electric vehicle ambitions and ultimately shut the project down without selling a single EV, Xiaomi’s debut electric car was incredibly successful and the Chinese company has received hundreds of thousands of pre-orders.
Samsung, the most dominant Android smartphone developer, is reportedly dipping its toes into the burgeoning electric vehicle segment, becoming the third smartphone manufacturer to include electric vehicle development in its portfolio. The South Korean electronics company already supplies battery systems, semiconductors, and display panels to automakers, and with its history of developing technology outside of its smartphone lines, is in a seemingly great position to pivot to electric vehicle manufacturing.
Rumors of Samsung’s entry into the EV segment began after the company’s electronics executive chairman Lee Jae-yong attended a Beijing meeting with Xiaomi leaders. Although few details of the meeting are public, reports indicate that electric cars had a prominent spot on the meeting’s agenda. Rather than just tapping Samsung to supply vehicle parts, the meeting between Samsung and Xiaomi leadership likely involved discussions of a partnership between the two companies or Samsung’s plans to launch its own electric car.
As the third smartphone manufacturer to pivot to EV development, the tech giant can learn from the mistakes and successes of Apple and Xiaomi. Apple, for instance, focused on complete in-house development and sought to build every component of its debut electric car internally. Without any knowledge and history of automotive manufacturing, Apple had to learn everything from the ground up and ultimately failed.
Xiaomi, on the other hand, adopted a completely different approach from Apple. Instead of relying on itself for everything, Xiaomi tapped into China’s expansive electric vehicle supply chain and leveraged partnerships with local automakers to build its debut EV while it focused on the software side of things.
This allowed Xiaomi to bring its first electric car to market incredibly quickly, much faster, in fact, than most automakers can build a new car, while Apple spent a decade on development with little to no results.
Samsung can study how Apple and Xiaomi approached EV development to create an even more effective strategy. Furthermore, Samsung already manufactures batteries for electric cars in the American, Asian, and European markets and has invested significantly in solid-state battery technology. Its experience developing semiconductors, chips, advanced driver assistance, infotainment, and autonomous driving systems could also make Samsung a force to reckon with if it successfully enters the EV segment.
The way in which phone makers are expanding the scope of their products shows other firms like PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FRA: 103) that there are really no limits as to what a company can make as long as it plans its steps carefully.
Please see full terms of use and disclaimers on the Green Car Stocks website applicable to all content provided by GCS, wherever published or re-published: https://www.GreenCarStocks.com/Disclaimer
