After Xiaomi, smartphone giant OPPO is also preparing to enter the car-making bandwagon, the latest report shows.

OPPO is already preparing to build a car project, and like Xiaomi, the driving force behind OPPO's plan is founder Tony Chen, 36kr said, citing sources familiar with the matter, adding that Chen is already researching industry chain resources and talent.

In the last two weeks, Chen met with Zhu Wei, president of Chinese power battery giant CATL's China passenger vehicle division, and the two sides exchanged several hours. In addition, Chen has led visits to organizations including China Automotive Technology & Research Center, the report said.

At the executive level, Wu Henggang, OPPO's vice president of software engineering, has been involved, the report said, adding that Wu is the top executive in the company's self-driving, algorithmic position.

Chief scientist Guo Yandong, who left Xpeng Motors last year and joined OPPO, is also involved in the self-driving team preparations, and related cockpit positions have been opened, the report said.

On March 30, after months of rumors, smartphone giant Xiaomi finally confirmed the launch of its electric car business, joining the booming market.

Xiaomi confirms launch of electric car business, to invest $10 billion over next decade

Xiaomi's board of directors officially approved the establishment of the smart electric vehicle business, the smartphone giant said in an announcement on the Hong Kong Stock Exchange, adding that it plans to establish a wholly-owned subsidiary to take charge of the smart electric vehicle business.

The subsidiary will have an initial investment of 10 billion yuan ($1.5 billion), with an expected investment of $10 billion over the next 10 years.

Lei Jun, chief executive officer of Xiaomi Group, will also serve as chief executive officer of the smart electric vehicle business.

Xiaomi hopes to enable global users to enjoy a ubiquitous smart life with high-quality electric vehicles, the company's announcement said.

Xiaomi's cars will mainly target the sub-RMB200,000 ($30,525) price band range, analysts at Pingan Securities said on March 31.

Xiaomi is expected to apply its success in the cell phone and smart home industries to car manufacturing, according to the analysts, who said Xiaomi has significant advantages for the future.

Analysts said Xiaomi has strong supply chain management and cost control capabilities and will launch a very cost-effective model.

In addition, Xiaomi has a certain brand influence and user base, strong user operation and management capabilities, and an integrated online and offline sales model.

Xiaomi says its cars will be priced in RMB 100,000-300,000 range