Xiaomi recently announced its financial report for the third quarter of 2023, with total revenue of 70.9 billion RMB and adjusted net profit of 6 billion RMB, a year-on-year increase of 182.9%. At the end of this quarter, Xiaomi’s cash reserves reached 127.6 billion RMB. Xiaomi Group’s Q3 quarter R&D expenditure was 5 billion RMB, a year-on-year increase of 22%, of which 1.7 billion RMB was invested in innovative businesses such as smart cars.
Regarding the progress of Xiaomi Motors, Lu Weibing, partner and president of Xiaomi Group, responded that the mass production target for the first half of next year remains unchanged, and a second winter test will be conducted next. Relevant media reported that “Lei Jun expects Xiaomi car sales to be 100,000 units”, but Lei Jun did not make an analogy. Currently, Xiaomi Automobile has around 3,000 R&D personnel. Xiaomi Group’s research and development expenses increased to 5 billion RMB in the third quarter, mainly due to an increase in smart electric vehicles and other related expenses.
At present, the appearance of Xiaomi’s first model, SU7, has been exposed. The latest relevant declaration information shows that in terms of body size of Xiaomi SU7, its length/width/height are 4997/1963/1440mm respectively, and the wheelbase is 3000mm. In terms of power, Xiaomi SU7 is equipped with CATL’s ternary lithium battery, with front and rear motor power of 220kW/275kW. It also has a lithium iron phosphate version from Verdi, with motor power of 220kW.
