This morning, Xiaomi Group announced, through the official account "Xiaomi Company Spokesperson" that Xiaomi Automobile Co., Ltd. has completed the industrial and commercial registration with a registered capital of 10 billion yuan (1,3 billion euros) and that the legal representative of the company is Lei Jun. This marks a milestone for the long-awaited first Xiaomi branded car.
Recall that at the end of March 2021, Lei Jun, the founder of Xiaomi Group, said in a speech announcing the construction of a car and that in the next ten years Xiaomi will invest 10 billion dollars to build the same. The initial investment, however, is 10 billion yuan, therefore slightly below what was anticipated. In any case, Lei Jun will once again be the legal representative of Xiaomi Automobile Co., Ltd., and he has already personally led the team to build the car, with a registered capital of 10 billion yuan, demonstrating his firm determination. and trust with his actions.
In fact, at the announcement of the car production, Xiaomi was considered a high-level company with a high confidence in the sector, which should expand the development space and accelerate the technological progress of the sector. On July 28, Lei Jun recruited talent for Xiaomi Auto's autonomous driving department on Weibo. On August 25, at the press conference for Xiaomi Group's second quarter financial report, Xiaomi Group President Wang Xiang said that since he started working on the automobile project, he has deeply felt the love of people in the industry. automotive for Xiaomi and has received more than 20.000 hp. It is understood that Xiaomi's automotive team has been carefully selected and has already formed a team of around 300 people. The strong appeal in talent recruitment shows that Xiaomi has become an emerging force with high hopes in the minds of insiders. Xiaomi Automobile revealed that the team is still expanding rapidly and other like-minded partners are welcome to join.
It is understood that in the five months from the announcement of the car production to the official registration of the company, the Xiaomi team has conducted a large number of user research and supply chain inspections, more than 2.000 surveys and interviews, visited and in-depth communication with more than 10 journalists and companies in the sector, including ten industrial partners. At the same time, they are intensively advancing the product definition and the creation of the auto team.
In addition, Xiaomi Group also announced on August 25 that it has acquired DEEPMOTION TECH, an autonomous driving technology company. This shows that Xiaomi has started to focus on enriching the power of automotive-related technologies and personnel. It is understood that the Xiaomi Group currently has 16.000 engineers and will invest around 10 billion yuan in research and development in 2021. It therefore has sufficient confidence in talent reserves and accumulation of technology. Then there are Xiaomi's technological advantages in artificial intelligence, new materials and other fields that will bring strong support for the automotive business.
At the same time, we recall that the financial report of the Xiaomi group for the second quarter of 2021 showed that the revenue and net profit of the group reached a record high, with second quarter revenue of 87,8 billion yuan, with a 64% year-over-year increase. Adjusted net profit was 6,3 billion yuan, up 87,4% year-on-year, which once again broke the one-season record. On this basis, Xiaomi Auto completed the rapid team building, invested heavily in key technologies for autonomous driving, and Xiaomi Auto Co., Ltd. was formally registered. There are also indications that after five months of preparations, the best Xiaomi ever is finally ready to go with the new Xiaomi Motors project.
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