SHANGHAI, Aug 18 (SMM) - According to Automotive Business Review, Xiaomi Automobile is likely to launch its headquarter and first factory in Beijing. Since the announcement of Xiaomi to enter the car-making sector at the end of March, the location of the headquarters and factory has been in the spotlight, with media reports suggesting that Beijing, Shanghai, Wuhan, Hefei and Xi'an are all in the running for Xiaomi's car-making project.
Xiaomi Group made an announcement on March 30 on Hong Kong Stock Exchange, officially announcing its entry into the car-making sector. In the announcement, Xiaomi said that it intends to establish a wholly-owned subsidiary to be responsible for the intelligent electric vehicle business. The initial investment will be 10 billion yuan, with an expected investment of US$10 billion over the next 10 years. Lei Jun, CEO of Xiaomi, will also be the CEO of the intelligent electric vehicle business.