May 13, 2022

Xiaomi Car will start mass production in 2024

Earlier today, Xiaomi officially released its financial report for the fourth quarter and full year of 2021. The report revealed that the total revenue for the fourth quarter reached 85.6 billion yuan (13.4 billion), an increase of 21.4% year-on-year. Its adjusted net profit reached 4.5 billion yuan ($706.8 million), a year-on-year increase of 39.6%. For the year 2021, Xiaomi Group’s total revenue reached 328.3 billion yuan ($51.5 billion), a year-on-year increase of 33.5%. Its adjusted net profit reached 22 billion yuan ($3.4 billion), a year-on-year increase of 69.5%. The company had information about the Xiaomi Car project.

Besides the gratifying achievements in major businesses such as mobile phones, Xiaomi Group also said that since the announcement of the Xiaomi Car project in March 2021, the Xiaomi Car business has grown beyond expectations.

Xiaomi Group said that at present, the R&D team of the Xiaomi Car project exceeds 1,000 people. Going forward, it will continue to develop R&D in key areas such as autonomous driving and smart cockpits. The company reiterates that it will maintain its original schedule to enter mass production in the first half of 2024.

Xiaomi car

According to Xiaomi, the initial investment for the Xiaomi Car project is $10 billion over the next 10 years. The company is led by Lei Jun as CEO, and core members include Wang Xiang, Lu Weibing, Liu De, Hong Feng, Li Xiaoshuang, etc. When Lei Jun announced the Xiaomi Car project, he said that Xiaomi would build Xiaomi cars with 108 billion yuan ($19.6 billion) in cash reserves. The company also hopes to reach a research and development team of more than 10,000 people.

Xiaomi Car could be Lei Jun’s last big project

Early last year, Lei Jun officially announced that Xiaomi has officially entered the smart electric vehicle industry. According to him, the company is doing research to build cars. “I have visited Musk twice already and I am very optimistic about the electric vehicle industry. I have also invested in nearly 10 companies in the electric vehicle industry in the past… With smart electric vehicles from high quality, worldwide users can enjoy ubiquitous smart life”

Lei Jun has been in contact with several electric car companies. He had in-depth discussions with over 200 automotive industry veterans. In fact, he has multiple discussions with internal management and formal board meetings in this regard. The company is very serious about making electric cars. Lei Jun also said that the progress of the Xiaomi car and the team’s work have far exceeded his expectations. The first Xiaomi car is expected to officially go into mass production in the first half of 2024.