Xiaomi, the Chinese technology giant, recently revealed in its latest financial report a significant increase in its economic performance, thanks mainly to the launch and delivery of its new car, the Xiaomi SU7. With a 27% increase in turnover reaching 75,5 billion yuan and an increase of net profit of 100,8% rising to 6,5 billion yuan, Xiaomi has set new records.
Xiaomi Auto appears in the financial report for the first time, here are the figures
The success of Xiaomi Auto is reflected for the first time in the group's balance sheet, marking a historic moment for the company. The impact of the start of car production has manifested itself in a significant increase in administrative expenses, research and development (R&D) and salary costs. In particular, R&D expenses increased by 1 billion, or 25%, while salary expenses grew by 700 million yuan, an increase of 17% compared to the previous year.
At present, Xiaomi has completed the delivery of over 10.000 vehicles and aims to reach the target of 120.000 deliveries by the end of the year. This ambitious milestone demonstrates the company's confidence in its ability to innovate and expand in the automotive market.
The report highlights that in the first quarter of the year, Xiaomi Auto invested 2,3 billion yuan in innovative ventures such as smart electric vehicles. These investments led to a 100% increase in net profit and a 661% jump in cash flow, clear signs of the powerful impact automotive is having on Xiaomi's business.
Despite the delivery of more than 10.000 vehicles, Xiaomi Auto's revenues have not yet been listed separately in the turnover, as is the case for other divisions of the company. However, the automotive sector's influence on spending is evident throughout the financial report, with core R&D spending reaching 5,159 billion yuan in the first quarter, marking a 25,4% year-on-year increase.
The number of Xiaomi Group employees, especially R&D personnel, grew significantly in the first quarter of the year. At the end of the quarter, the group had 35.423 full-time employees, an increase of 9,3% compared to the same period last year. The number of R&D personnel was 17.421, an increase of 5,9%. As a result, total payroll spending in the first quarter was 5,2 billion yuan, 700 million more than the same period last year.
Xiaomi Motors' goal for this year is clear: not only to maintain high demand, but also to increase the delivery volume and overcome the production capacity increase period. Currently, the Xiaomi factory operates with only one shift, but is preparing to move to double shifts starting in June, with the confidence of being able to deliver more than 10.000 vehicles that month.
Furthermore, Xiaomi revealed significant progress in intelligent driving technology, aiming to continue increasing investment in this sector. Xiaomi's intelligent driving team currently numbers around 1.000 people and is expected to expand to 1.500 by the end of the year and 2.000 next year. As for the scale of investment, Xiaomi has allocated about 1,5 billion for intelligent driving this year.
