The Electric Vehicle (EV) industry continues to lure more investors with its growing popularity. Tech companies, in particular, seem quite eager to enter the EV market of late, with several big names forming joint ventures with EV makers or battery suppliers to accelerate their efforts.

The two Chinese tech giants, Huawei and Xiaomi, have invested a huge amount of $78.2 million into a Chinese battery supplier called Beijing Weilan New Energy (BWNE) Ltd. BWNE is one of the major EV battery suppliers in China, particularly for a specialized EV manufacturer called NIO. It played a significant role in the development of several EVs in China, including the NIO ET7 which claims an electric-only range of 1,000 km on a single charge.

The company is also working on the development of a solid-state battery that has been designed to be more efficient and offer better performance than a Lithium-Ion battery pack.

Huawei and Xiaomi’s investment in BWNE is a strategic move as they plan to expedite their individual EV development efforts. The companies are actively working with industry experts and analysts to develop a viable physical architecture for their EVs besides using their software expertise to develop technologically advanced smart cars.