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China's Xiaomi Unveils First Electric Vehicle

FILE PHOTO: People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. REUTERS/Nacho Doce/File Photo
FILE PHOTO: People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. REUTERS/Nacho Doce/File Photo
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China's Xiaomi Unveils First Electric Vehicle

FILE PHOTO: People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. REUTERS/Nacho Doce/File Photo
FILE PHOTO: People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. REUTERS/Nacho Doce/File Photo

Chinese smartphone maker Xiaomi took the wraps off its first electric vehicle on Thursday and promptly announced it was aiming to become one of world's top five automakers.
The sedan, dubbed the SU7, is a highly anticipated model that is expected to make the most of its shared operating system with the company's popular phones.
But the car is making its debut at a time when the world's largest auto market is wrestling with a capacity glut and slowing demand that have stoked a bruising price war.
"By working hard over the next 15 to 20 years, we will become one of the world's top 5 automakers, striving to lift China's overall automobile industry," Chief Executive Lei Jun said at the event.

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Samsung Invests $1.8 Billion More in Vietnam for OLED Manufacturing Plant 

Security guards stand outside a Samsung facility during a strike by the factory workers demanding higher wages in Sriperumbudur, near the city of Chennai, India, September 16, 2024. (Reuters)
Security guards stand outside a Samsung facility during a strike by the factory workers demanding higher wages in Sriperumbudur, near the city of Chennai, India, September 16, 2024. (Reuters)
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Samsung Invests $1.8 Billion More in Vietnam for OLED Manufacturing Plant 

Security guards stand outside a Samsung facility during a strike by the factory workers demanding higher wages in Sriperumbudur, near the city of Chennai, India, September 16, 2024. (Reuters)
Security guards stand outside a Samsung facility during a strike by the factory workers demanding higher wages in Sriperumbudur, near the city of Chennai, India, September 16, 2024. (Reuters)

South Korean electronic manufacturer Samsung Display Co plans to invest $1.8 billion for a factory this year in northern Vietnam to produce OLED displays for automobiles and technology equipment, the Southeast Asian country said on Sunday.

The new facility for the manufacture of organic light-emitting diode (OLED) displays will be located in Yen Phong industrial park in Bac Ninh province east of Hanoi and close to an existing Samsung electronics plant, the government said in a statement released after the meeting between Prime Minister Pham Minh Chinh and the General Director of Samsung Vietnam Choi Joo Ho.

Bac Ninh authorities and Samsung Display on Sunday also signed a memorandum of understanding of the project, local media reported, adding the investment would raise Samsung's total investment in Bac Ninh to $8.3 billion from the current $6.5 billion.

Vietnam has over the last decade emerged as one of the most attractive production hubs for electronics companies.

According to Choi, Samsung has established six manufacturing plants, one research and development center, and one sales entity in Vietnam, with a cumulative investment of $22.4 billion.