On the evening of November 23, Xiaomi’s third-quarter financial report showed that at present, the number of R&D personnel has reached 13,919, accounting for more than 44% of the total number of employees in it as per a report.

Previously, it was just reported that Xiaomi’s first smart electric vehicle was registered, led by Lei Jun (CEO and brand founder) with a team of more than 300 people. The financial report also reveals that the company’s EV business is progressing smoothly. And the production of the first batch of cars is expected to begin in the first half of 2024, in line with previously released reports.

Xiaomi stated in the report that on March 30, 2021, they formally announced the establishment of a wholly-owned subsidiary responsible for Xiaomi’s smart electric vehicle business. At present, their smart electric vehicle business is progressing smoothly. Smart electric vehicles are expected to be officially mass-produced in the first half of 2024.

In terms of R&D expenditure, it increased by 5.7% from RMB 3.1 billion in the second quarter of 2021 to RMB 3.2 billion in the third quarter of 2021. Mainly due to the increase in the salary of R&D personnel and related expenses of R&D projects.

After the closing, Deepmotion has become a wholly-owned subsidiary of Xiaomi. Deepmotion has technology and research and development capabilities, focusing on providing full-stack software solutions including perception, positioning, planning and control for advanced driver assistance systems and autonomous driving applications, which can enhance the Group’s technical capabilities in the smart electric vehicle business.

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