Beijing (ZXZC)- Chinese tech giant Xiaomi announced on March 24 in its 2022 earnings report including latest updates on its automaking business.

Photo credit: Xiaomi

According to the company's 2022 full-year performance report, Xiaomi generated a total revenue of 280 billion yuan ($44 billion) in 2022, with adjusted net profit of 8.5 billion yuan ($1.3 billion). The report also revealed that the company spent 3.1 billion yuan ($486 million) on innovative businesses, including smart electric vehicles. The automotive related team at Xiaomi now has about 2,300 members.

In February 2023, Xiaomi applied to register several graphic and text trademarks, including "MODENAT", "XIAOMI MODENA", and "MIMODENA", according to data from Chinese corporate database Tianyancha. These trademarks are said to be related to Xiaomi’s first production vehicle model.

In terms of car manufacturing, Xiaomi has built its own base in Beijing's Yizhuang area, with plans to build a complete vehicle factory with an annual output of 300,000 cars in two phases, with each phase having a capacity of 150,000 cars. 

In September 2022, Xiaomi's prototype car rolled off the production line as scheduled, and winter testing of the car began at the end of December 2022.