AutoBeta(AutoBeta.net)05/24 Report--

On May 23, Xiaomi Group released its results for the first quarter of 2024, showing that during the reporting period, Xiaomi Group achieved revenue of 75.51 billion yuan, an increase of 27% over the same period last year, and adjusted net profit of 6.491 billion yuan, an increase of 100.8% over the same period last year, a record high for a single quarter. It is worth mentioning that as the first model of Xiaomi car, SU7, was released at the end of March and officially opened for delivery in April, the income has not been counted in the current financial report.

In the earnings call, Xiaomi Group said it would begin to release specific data related to the automobile business from the second quarter. According to the financial report, Xiaomi's current R & D spending increased by 25.4% to 5.2 billion yuan compared with the same period last year, affected by R & D expenses related to smart electric vehicles and other innovative businesses.

Xiaomi SU7 was officially launched on March 28th, 2024, with a total of three configurations, priced at 215900 yuan for the standard version, 245900 yuan for the Pro version and 299900 yuan for the Max version. It is understood that delivery of the standard version and the Max version began in April, while the Pro version began delivery in May. Data show that as of May 15, Xiaomi SU7 series delivered a total of 10, 000 new cars. In other words, Xiaomi completed the delivery of 10,000 cars in only one and a half months. as a comparison, it took 87 days for 10,000 cars to be delivered, while ideal cars and Xiaopeng cars both took more than half a year.

According to Xiaomi APP, the current delivery cycle of Xiaomi SU7 Pro version is 29032 weeks, while the delivery cycle of Xiaomi SU7 standard version and Max high-end version remains unchanged after the order is locked, which is 29032 weeks and 333weeks respectively. In other words, it will take at least 4 months for Xiaomi SU7 to pick up the car.

On the evening of May 23, Lei Jun announced on Weibo that the Xiaomi car factory would start production in two shifts in June, deliver at least 10, 000 vehicles that month, and ensure that it would deliver at least 100000 vehicles and a sprint of 120000 in 2024. Lu Weibing stressed that the main challenge facing Xiaomi cars is delivery capacity, not order or service network and sales network problems. Lu Weibing, president of Xiaomi Group, said that the factory is making every effort to increase its production capacity and plans to change to double-shift production in June, confident that it will deliver more than 10,000 vehicles that month.

According to the plan, Xiaomi Automobile has built a complete vehicle manufacturing plant in two phases in Beijing Economic Development Zone, of which the first phase covers an area of about 720000 square meters and has an annual production capacity of 150000 vehicles, which will be completed in June 2023; the second phase is scheduled to start in 2024 and completed in 2025.

As Xiaomi got back on track, Lei Jun's focus began to shift to smart driving. At the launch site of the 2024 Beijing Auto Show, Lei Jun issued a recruitment order to the audience to welcome more talents to join Xiaomi Automobile, and in the recent live broadcast, Lei Jun also asked whether there is a smart driving Daniel in the studio. Everyone is also welcome to send resumes to the official website of Xiaomi Group, and shows Xiaomi's determination in the field of smart driving to become the number one in the industry. Lei Jun is so eager to recruit people, mainly because he wants to continue to improve the self-driving technology of Xiaomi cars and shorten the gap with the head players.

Wang Naiyan, a former Chinese CTO of self-driving truck company Tucson, will join Xiaomi to report to Ye Hangjun, chairman of Xiaomi's technical committee and head of Xiaomi's self-driving car, according to media reports, but Xiaomi has no official comment. Data show that Wang Naiyan once led the future R & D and management of Tucson in China, responsible for the development and landing of L2 auxiliary driving and L4 autopilot programs. For Xiaomi, recruiting more people with both AI background and autopilot landing experience may allow Xiaomi to run faster on the road to becoming the first echelon of smart drivers.

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