Beijing (ZXZC)- China’s tech giant Xiaomi released the its third-quarter financial performance report on November 23, showing quarter-on-quarter growth in innovation businesses including smart electric cars. 

Photo credit: Xiaomi

In the Jul.-Sept. period of this year, Xiaomi poured 4.1 billion yuan ($574.29 million) in R&D alone, representing a 25.7% jump year-on-year. Among which, 829 million yuan ($116.12 million) was put towards innovation businesses such as intelligent electric vehicles, accounting for roughly 20% of the company’s total R&D expense, Xiaomi disclosed.   

In the first three quarters of this year, Xiaomi has allocated 1.865 billion yuan ($261.23 million) in car making cumulatively. Up to now, the company’s auto R&D team has grown to over 1,800 employees. 

Wang Xiang, president of Xiaomi Group, said at the earnings call that the company is making good progress towards its goal of officially kicking off mass production of Xiaomi vehicles by the year of 2024. At the present, the efficiency and scale of Xiaomi's investment in car manufacturing will not have a significant impact on the group in whole.