Xiaomi previously shared its financial report, which revealed that the company’s research and development (R&D) department has 13,919 members. 500 of them are actively working on the company’s electric car project.
As a reminder, Xiaomi confirmed in October that its first electric vehicle will debut in the first half of 2024. While it didn’t reveal anything more about the EV, the financial report showed that development is going smoothly. This means we may see some new teasers about the work in progress at the next big event.
Financial reports claim that the R&D department has approximately 14,000 members, representing approximately 44 percent of the company’s total workforce.
To support its future EV plans and fully self-driving cars, the brand has acquired an autonomous driving-based startup called Deepmotion. in August 2021. The in-house electric car will go into mass production in the first half of 2023 and will be announced in the first half of 2024, unless of course anything changes in the plans.
Xiaomi announced in March this year that it would set up a subsidiary to overlook the EV segment with a total investment of $10 billion yuan over the next 10 years.
The company plans to increase the investment to 100 billion yuan over the next three years, with the rest coming from outside investors. Xiaomi registered its EV subsidiary in September 2021 and signed Lei Jun as its legal representative.
The EV segment has employed 300 members and is looking for more. We speculate that Xiaomi will launch its first EV in its home market, China, and then take it to other markets, most likely in India.
Sai Krishna is a close follower of technology and all things smart. This gives him the passion to write about all things technology related. You can always see him surfing the web and when he’s not working you can watch him revisit Seinfeld and read comics.
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