AutoBeta(AutoBeta.net)03/23 Report--

On March 22, Xiaomi Automobile released its financial report for fiscal year 2021. In addition, the financial report also disclosed the latest progress of Xiaomi car building: Xiaomi car R & D team size has exceeded 1000 people, the first car will be in the first half of 2024 mass production. It is worth noting that on March 21, Luo Baojun, general manager of Xiaomi Beijing-Tianjin Branch, revealed to the outside world that Xiaomi's engineering prototype will be unveiled in the third quarter of this year. It means that the car is the last link to form the closed loop of Xiaomi Home, and the engineering prototype car will certainly break through everyone's imagination.

It has been nearly a year since Xiaomi Group entered the field of car building, and the progress of Xiaomi car building has also been paid close attention to. On March 30,2021, Xiaomi Group announced that it officially entered the field of car building. In August 2021, a share purchase agreement was entered into with relevant parties of Deepmotion, an autonomous driving technology company, for a total transaction amount of approximately US$77.37 million. For a cross-border player, to achieve the landing of a project or product in the short term, acquire an autonomous driving company or a shortcut.

In September 2021, Xiaomi Automobile Co., Ltd. was officially established with a registered capital of 10 billion yuan. Lei Jun, Chairman and CEO of Xiaomi, served as the legal representative. In November 2021, Xiaomi Automobile Technology Co., Ltd. was established with registered place in Beijing, legal representative Lei Jun, registered capital of RMB 1 billion Yuan, business scope of new energy vehicle manufacturing, technical research and development of automobile complete vehicle and parts, etc. At that time, Xiaomi said: At present, a team of about 300 people has been formed. A few months from now, Xiaomi's team size has exceeded 1000 people.

"In November 2021, Xiaomi car building also ushered in rapid progress, Xiaomi car officially settled in Beijing Economic Development Zone." According to the plan, Xiaomi Automobile will build a complete vehicle factory with an annual output of 300,000 vehicles in two phases, of which the production capacity of Phase I and Phase II will be 150,000 vehicles. It is expected that the first vehicle will be offline and mass production will be realized in 2024. From the expansion of Xiaomi team size and official settlement in Beijing Economic Development Zone, it is not difficult to see Xiaomi's sense of urgency to build cars.

Lei Jun once said that Xiaomi will build Xiaomi cars with its existing cash reserves of 108 billion yuan, a research and development team of more than 10000 people, the world's top three mobile phone businesses and the world's best intelligent ecosystem. It also said that Xiaomi's first model will be positioned at the mid-to-high-end, and will certainly represent the cutting-edge technology and cutting-edge level at the time of launch. The price is likely to be between 100,000 yuan and 300,000 yuan. The specific model will be selected among cars and SUVs. Earlier, according to media reports, a parts supplier disclosed that Xiaomi will release a new car every year for the next three years after the first new car is released in 2024. The cumulative sales target for the next three years is 900,000 vehicles. Whether the sales target can be achieved can only wait for time to verify.

As a member of cross-border car-building, Xiaomi still has a lot of problems to solve. However, Lei Jun once said bluntly,"We lose." From the current market point of view, car building needs technology as the basis, more need strong capital as the support. For Xiaomi, capital may not be a problem, but it will also face the onslaught of new car building forces and traditional car enterprises. The times are developing and the market demand is changing. If Xiaomi's products will not be available until 2024, perhaps for Xiaomi Automobile, the market competition will become more and more intense at that time.

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