Xiaomi Invests in Chassis-by-Wire Firm Tongyu Automotive
Shanghai-based Tongyu Automotive has recently changed its official industrial and commercial registration information, adding Hainan Jimu Venture Capital (an affiliated company of Xiaomi) and Cowin Capital, as shareholders. With the move, the registered capital of the company increased from 30.07 million yuan ($4.50 million) to 32.26 million yuan ($4.82 million).
Tongyu Automotive was established in September 2016 and has two bases in Shanghai and Yichun. According to its official website, the company supplies intelligent driving systems to many automakers in China, focusing on the R&D and production of next-generation by-wire chassis systems. Its products mainly include brake-by-wire systems, steering-by-wire systems, braking energy recovery systems and advanced driving assistance systems, aiming to promote the development of intelligent and electric automobiles.
Its team has developed domestic-made first-class electro-hydraulic brake (EHB) products, and has applied for 47 EHB-related patents, including seven authorized invention patents and 26 utility model patents.
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Since Xiaomi‘s announcement that it will pursue vehicle manufacturing in March 2021, the Beijing-based tech giant has started to push forward the process steadily, and has invested in many companies related to new energy vehicles. Its investment covers all branches of the industry, from auto parts such as lidar, to power batteries, electrical systems, auto chips and sales.
For example, at the end of last month, Hanxing Venture Capital, an affiliated company of Xiaomi, invested in KBVIP. The latter is an electric vehicle services provider, focusing on providing integrated power station technology integrating energy storage, charging and detection.