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Xiaomi will launch its first car in first half of 2024

Xiaomi’s third-quarter financial report showed that its current number of R&D personnel has reached 13,919, accounting for more than 44% of the total number of employees; among them, Xiaomi’s car team has more than 500 members

Xiaomi stated in the report that on March 30, 2021, we formally announced the establishment of a wholly-owned subsidiary responsible for Xiaomi’s smart electric vehicle business. At present, our smart electric vehicle business is growing smoothly; smart electric vehicles are expected to be officially mass-produced in the first half of 2024.

In terms of R&D expenditure, it increased by 5.7% from RMB 3.1 billion in the second quarter of 2021 to RMB 3.2 billion in the third quarter of 2021, mainly due to the increase in R&D personnel compensation and R&D project-related expenses.

Moreover, on September 22, 2021, Xiaomi completed the acquisition of Deepmotion at a total consideration of approximately US$77.37 million (approximately RMB 500,555,000), of which US$52.97 million (approximately RMB 342,705,000) will be the equivalent of the company’s shares (Xiaomi shares) in the next four years.

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Furthermore, the price of the Xiaomi shares on the last ten consecutive trading days before the fifth day of each delivery but no later than August 31 of each year, and the above payments are all included in the post-consolidation service.

After the closing, Deepmotion has become a wholly-owned subsidiary of Xiaomi. Deepmotion has technology and research and development capabilities, focusing on providing full-stack software solutions including perception, positioning, planning, and control for advanced driver assistance systems and autonomous driving applications, which can enhance the Group’s technical capabilities in the smart electric vehicle business.

The goodwill confirmed by the acquisition of Deepmotion is approximately RMB 61,245,000, which is mainly due to the expected operating synergy and economies of scale from the combined business of Xiaomi and Deepmotion.

In addition, on November 18, Xiaomi Automobile Technology Co., Ltd. was established with legal representative Lei Jun with a registered capital of RMB 1 billion. The business scope includes the manufacturing of new energy vehicles; the technology research and development of automotive vehicles and parts; the manufacturing of intelligent vehicle equipment; the manufacturing of lithium-ion batteries, etc.

(VIA)

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