In 2022, Xiaomi declared that it would enter the electric car market, with the release of its first EV planned for sometime in 2024. The newspaper has published secret photographs that appear to show the electric car with the codename “Modena” being seen being tested in snow and ice weather conditions in China’s Inner Mongolia Autonomous Region. The article suggests that the Chinese firm may be testing how well the electric vehicle’s batteries work in extremely cold temperatures and how these conditions affect the range.
In a location that is believed to be in China’s Inner Mongolia Autonomous Region, Xiaomi’s future and first-ever electric vehicle has been seen being tested in extremely cold weather, according to the report by ArenaEV. The story also claimed that Xiaomi CEO Lei Jun had joined the Xiaomi test-driving crew for this, citing a Chinese blogger. According to the story, the corporate official has already been seen expressing his passion for driving the electric vehicle project toward completion.
The business leader had also earlier presented Xiaomi’s initial status report on its autonomous driving project, Xiaomi Pilot Technology. In order to create its own autonomous driving technology, the business promised to invest RMB 3.3 billion (about Rs. 3,897 crore) and engage more than 500 professionals from all over the world.
In the second phase of the project, which will involve ten upstream and downstream businesses in the field of autonomous driving, Xiaomi is also anticipated to invest an additional RMB 2 billion (roughly Rs. 2,400 crore). Under this phase, Xiaomi is anticipated to be in charge of the project’s core sensors, core actuators, domain controllers, and other components.
In its initial phase, the Xiaomi Pilot Technology Project is constructing a fleet of 140 test vehicles. Xiaomi reportedly used BYD Han cars as test vehicles for its Xiaomi Pilot Technology testing in the past, per the ArenaEV article. The codename Modena just recently came into play, according to the article, when the business was seen testing its own vehicles on Chinese roads.
According to the most recent pictures, the Xiaomi Modena electric car would look like a sedan with an aerodynamic design enhanced by a tall bonnet and swooping roofline that softly slopes downward toward the rear of the car. Continually retracting door handles and LiDAR sensors on the vehicle’s roof are also suggested by the photos.
Three variations of the Xiaomi Modena are anticipated; the bottom two entry-level models are anticipated to use BYD LFP “blade” batteries, while the top-end model is anticipated to use a CATL Qilin battery. According to the article, Qualcomm’s newest 8295 chips, which provide 30 TOPS of NPU computing capability, are anticipated to power the Modena’s infotainment system.
What Pit India is Thinking About Crypto Industry?
According to Raj Chowdhury, CEO of PayBito, India’s contribution to the development of Web3, metaverse, and blockchain might expand significantly if more Indians became involved in the digital assets industry. Chowdhury thinks that India’s existing tax policy on digital assets is limiting the sector’s potential for expansion there. The head of a cryptocurrency trading company has written to India’s finance minister asking that the country’s 30 percent tax on cryptocurrency income be reviewed and maybe reduced now that the country is just a few days away from receiving its federal budget for the fiscal year 2023–2024.
Cryptocurrencies have made transaction settlements more efficient, and MNCs, payment processing companies, and expats who remit money to loved ones have all embraced this development. The 30 percent cryptocurrency taxation slab has hampered the development of the crypto eco-system in India, with several exchanges withdrawing or establishing operations in crypto-friendly nations, according to a statement from Chowdhury.
The CEO of the Indian cryptocurrency exchange CoinSwitch, Ashish Singhal, has also stated that this year, India’s approach to the cryptocurrency business should be about “refinement.”
“India could ease the tax burden to encourage users to remain within its borders. The existing tax system makes markets illiquid, and investor confidence is at an all-time low. Additionally, there is no provision to offset losses. Such circumstances expose consumers to regulatory concerns by pushing their money into grey markets overseas, according to Singhal, who spoke with Gadgets 360.
The Indian government announced last year that any earnings generated from cryptocurrency trading activities will be subject to a 30 percent tax as a subtle gesture to the industry. Additionally, India subtracts 1% TDS at each stage of the transaction to keep track of the largely anonymous cryptocurrency transactions.
“A lower TDS rate of 0.1 percent can be used to construct a trail of cryptocurrency transactions, according to the TDS. The capital asset provisions currently in place should be made relevant to VDAs, just like they are for listed securities. Thirdly, tax authorities should permit carrying forward and setting off losses experienced from the sale of VDAs, similar to how it is done for capital gains, Singhal noted, in order to make India a competitive jurisdiction in the expanding crypto business.
Indian traders reportedly switched over $3.8 billion in trading activity from domestic to international cryptocurrency exchanges, according to a recent analysis by the Indian research institution Esya (approximately Rs. 30,916 crore).
According to the same analysis, those Indian exchanges lost 81 percent of their trade activity as soon as