Xiaomi Group's progress in the smart electric vehicle industry

Three years have passed since Xiaomi Group announced its entry into the smart electric vehicle industry in March 2021, and Xiaomi's achievements in this field have gradually emerged. According to Xiaomi Group's first quarter 2024 financial report, its R&D expenses increased by 25.4% year-on-year to 5.2 billion yuan, accounting for 6.8% of revenue, which is significantly higher than the proportion before the announcement of car manufacturing. As of the end of March 2024, the total number of Xiaomi employees reached 35,400, an increase of 12,000 from three years ago, which is equivalent to the total number of employees of Xiaopeng Motors. In terms of the R&D team, as of the end of last year, the Xiaomi Auto team had a total of 3,400 R&D personnel. Although the number is less than that of Xiaopeng Motors, the Xiaomi Auto smart driving team has more than 1,000 people, and plans to increase to about 1,500 by the end of 2024, and expand to 2,000 next year.