Home / China News / News detail

Xiaomi pours 1.1 billion yuan in innovative businesses including automaking in Q1 2023

Gabriella From Gasgoo| May 25 , 2023 16:12 BJT

Beijing (Gasgoo)- On May 24, Chinese tech giant Xiaomi Group unveiled its financial performance for the first quarter of 2023, with a quarterly revenue of 59.477 billion yuan, which dropped 18.9% year over year.

Xiaomi pours 1.1 billion yuan in innovative businesses including automaking in Q1 2023

Photo credit: Xiaomi

The company’s adjusted net profit stood at 3.233 billion yuan in Q1 2023. Xiaomi said that its quarterly expenses from innovative businesses like smart electric vehicles amounted to 1.1 billion yuan.

Despite the prevailing global economic uncertainties, Xiaomi remained steadfast in its core business operations, adhering to a strategy that emphasizes both scale and profitability. The company focused on optimizing operational efficiency and making steady investments for the future. In the first quarter of this year, Xiaomi's R&D expenditure reached 4.1 billion yuan, representing a 17.7% hike year-on-year. 

The company expects its total R&D investment to exceed 20 billion yuan for the full year of 2023.

Additionally, Xiaomi provided updates on its automotive business. During a conference call following the release of the Q1 financial report, Xiaomi Group's President, Lu Weibing, confirmed that the company's car-making venture would proceed as planned and was on track to meet or slightly exceed expectations. Moreover, Xiaomi's automotive division is scheduled to conduct winter and summer testing this year.

Lu Weibing also highlighted the significant presence of Xiaomi's AI team, which comprises over 1,200 professionals engaged in various areas of business, including the smart voice assistant “Xiao Ai” and autonomous driving.

Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods. Buyer service:buyer-support@gasgoo.comSeller Service:seller-support@gasgoo.com

All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: autonews@gasgoo.com
Series of China NEV ReportsTo subscribe
Series of China lntelligentConnected Vehicle Reports