By March 22nd, China’s tech giant Xiaomi’s automaking team has expanded to over 1,000 members, the company disclosed on its 2021 annual financial report.

Photo credit: Xiaomi

According to the report, Xiaomi claimed RMB328.31 billion $51.56 billion) in total revenue in 2021, jumping 33.5% year on year. Its adjusted net profit amounted to RMB22.04 billion $3.46 billion surging 69.5% from a year ago.

In 2021, Xiaomi has poured RMB13.2 billion $2.07 billion) into R&D, 42.3% more than what the company spent in the previous year. The founder and CEO of Xiaomi, Lei Jun, emphasized that the group will continue expanding its R&D cost in the next five years, with a total target of investing over RMB100 billion $15.7 billion).  

Notably, the massive R&D investment goal is inclusive of Xiaomi’s automaking business.

The financial report showed that Xiaomi’s intelligent electric vehicle endeavor is going better than expected. Up till now, its automobile R&D team has recruited over 1,000 members. Aside from vehicles, Xiaomi also eyes development in autonomous driving and intelligent cockpit technical fields. Scaled production of its first vehicle model remained on track to its previous plan, in the first half of 2024.

Additionally, according to the general manager of Xiaomi’s Beijing & Tianjin subsidiary, Luo Baojun, the engineering prototype of Xiaomi’s first vehicle model will be ready in the third quarter of this year. Xiaomi’s automobile will be the final link in its ecosystem.