Disclosed by the Chinese car manufacturer Xiaomi in its Q1 2022 statement, the company inputted CNY 425 million in producing vehicles and expected to achieve mass production by 2024.
In the first quarter of 2022, Xiaomi Group (小米集团) spent over CNY 3.5 billion in its Research and Development (R&D), up 16% year-over-year. This expense was largely costed on R&D staff salaries, and innovative business streams, such as smart electric vehicles. During the reported period, Xiaomi spent CNY 425 million on producing smart electric vehicles and relevant product lines.
In March this year, the company has already announced that its car manufacturing progress exceeded expectations, and the new car model is expected to be put in mass production in the first half of 2024. At present, the company's automotive business research and development team size has gathered more than one thousand people, with a prospective goal of developing in core areas, including the autonomous driving and intelligent cockpit.
On April 11, 2022, Xiaomi started construction of its car manufacturing base in the Beijing Economic and Technological Development Zone. According to the plan, the first phase of Xiaomi factory will start in April 2022 and be completed in June 2023. Also, the second phase of Xiaomi project will start in March 2024 and be completed in March 2025.
The company's first car model will come off the production line and achieve mass production in 2024, of which the annual production capacity of both Phase I and Phase II will reach 150,000 units.