China Roundup: Xiaomi to open 20,000 shops across China, and more

Xiaomi to open 20,000 shops across China in three years

• The smartphone maker is targeting lower-tier cities and towns as part of its local offline expansion.
• These Xiaomi stores will be bigger and may also feature electric vehicles (EV) for sale.
• In September, the firm formally registered Xiaomi Auto, its automotive arm, with US$1.5 billion earmarked for initial funding.

Autonomous driving firm Momenta nets US$500 million

• The latest series C investment pushes the total funds raised by the company to US$1 billion.
• Investors including SAIC, General Motors, Toyota Motor, Bosch, Mercedes-Benz, and others.
• SAIC’s electric Zhiji L7 sedan will be the first vehicle to carry Momenta’s driving system and is slated to be released in 2022.