It’s a boost to Xiaomi’s TV ambitions
Chinese company Xiaomi has bought a minor stake in home appliance giant TCL Corp last week, buying around 65.17 million shares, or 0.48% of the total on the public market.
In addition to this, the two companies also signed a cooperation pact where the two parties agreed to jointly develop “smart hardware products and electronic devices.”
While Xiaomi is known for their bang-for-the-buck smartphone offerings, the company also sells a variety of home appliances and other gadgets, ranging from TVs, air purifiers, projectors, luggage, electric toothbrushes, and other products in their physical stores.
Xiaomi typically relies on third-party companies and startups that they invest in to for products that they stock in stores. Xiaomi has tapped around 100 such companies that produce the varied goods that make its way to their store, and anyone that’s aware of this connection shouldn’t be surprised at Xiaomi’s partnership with TCL. The company also inked a partnership with IKEA a few months ago for their IoT platform in China.