Earlier today, Xiaomi officially released its financial report for the fourth quarter and full year of 2021. The report reveals that the total revenue in the fourth quarter hit 85.6 billion yuan ($13.4 billion), a year-on-year increase of 21.4%. Its adjusted net profit hit 4.5 billion yuan ($706.8 million), a year-on-year increase of 39.6%. For the full year of 2021, Xiaomi Group’s total revenue hit 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 some information about the Xiaomi Car project.
In addition to the gratifying achievements in main businesses such as mobile phones, Xiaomi Group also stated that since the announcement of the Xiaomi Car project in March 2021, the Xiaomi Car business has progressed beyond expectations.
Xiaomi Group said that as of now, the Xiaomi Car project R&D team exceeds 1,000 people. In the future, it will continue to expand R&D in core areas such as autonomous driving and smart cockpits. The company reiterates that it will maintain its initial schedule of entering mass production in the first half of 2024.
According to Xiaomi, the initial investment for the Xiaomi Car project is $10 billion in the next 10 years. The company is led by Lei Jun as CEO, and the core members include Wang Xiang, Lu Weibing, Liu De, Hong Feng, Li Xiaoshuang and so on. When Lei Jun announced the Xiaomi Car project, he said that Xiaomi will build Xiaomi cars with 108 billion yuan ($19.6 billion) in cash reserves. The company also hopes to achieve a research and development team of more than 10,000 people.
Xiaomi Car may be Lei Jun’s last major project
Early last year, Lei Jun officially announced that Xiaomi officially entered the smart electric vehicle industry. According to him, the company is researching to build cars. “I have visited Musk twice before, and I am very optimistic about the electric vehicle industry. I have also invested in nearly 10 electric vehicle industry companies in the past…With high-quality smart electric vehicles, users around the world can enjoy ubiquitous smart life”
Lei Jun jas been in contact with multiple electric car companies. He has had in-depth exchanges with more than 200 automotive industry veterans. In fact, he has multiple internal management discussions and formal board meetings in this regard. The company is quite serious about making electric cars. Lei Jun also stated that the progress of the Xiaomi Car and the team’s work has far exceeded his expectations. The first Xiaomi car ought to officially go on mass-production in the first half of 2024.