Beijing (Gasgoo)- China’s smartphone giant Xiaomi's automotive venture has made further strides, as Changchun Faway Automobile Components Co., Ltd. (Faway) disclosed on its interactive platform that the price quotation to Xiaomi's first car model has been finalized.

Photo credit: Xiaomi

Faway stated, "The company is actively engaging in business discussions with Xiaomi's automotive division, and several subsidiaries have joined Xiaomi's procurement team. Currently, pricing for Xiaomi's first car model has been completed."

During the Q1 earnings conference call, Xiaomi expressed that its car project is progressing smoothly and has entered the accelerated development phase. Summer and winter testing will be conducted this year, with the Xiaomi's first vehicle model slated to hit the market in the first half of 2024.

Data reveals that Xiaomi's total revenue for Q1 2023 reached 59.5 billion yuan, with adjusted net profit at 3.2 billion yuan, gross profit at 11.6 billion yuan, and R&D expenses at 4.1 billion yuan, which includes a 1.1-billion-yuan cost related to innovative businesses such as smart electric vehicles.

Earlier reports suggested that Xiaomi's first all-electric sedan would be available in two versions, including a standard version priced at 149,900 yuan, featuring rear-wheel drive with a single electric motor and an 800-kilometer range; and a Pro version priced at 179,900 yuan, offering dual-motor all-wheel drive with an approximate range of 700 kilometers. However, these reports have not been officially confirmed by Xiaomi.

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