Earlier today, Xiaomi Group published its fiscal first-quarter report for 2023. It revealed both obstacles and prospects. Despite an 18.9% decrease in total revenue to 59.5 billion yuan ($8.42 billion) compared to the same time in 2022, its adjusted net profit increased by 13.1% to 3.2 billion yuan ($450 million). These include 1.1 billion yuan ($160 million) in costs for new projects such smart electric cars. We also need to mention that Xiaomi’s global smartphone shipments fell 13.3% in Q1 2023, the lowest Q1 shipments since 2014.
Xiaomi has formed a large-scale model team
In light of these financial outcomes, Xiaomi is motivated to pursue new growth chances. In April, the business formed a large-scale model team within its AI lab, with over 1,200 workers. Xiaomi plans to expand its AI-related user scenarios by using its technology strengths and joining hands with partners. Xiaomi wants to make its AIoT network smarter and bring smoother interaction between various products in it.
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Xiaomi’s top managers support the adoption of big models. Say, Xiaomi CEO Lei Jun said that Xiaomi needs to make and use big models. Xiaomi shows good results in the smart home sphere. So using big models will bring many benefits, allowing Xiaomi to keep its leading position.
On the other hand, Xiaomi President Lu Weibing said that they would not pursue large-scale models such as Open AI. Instead, Xiaomi intends to combine depth and business synergy in order to leverage the benefits of AI. The AI lab’s large-scale model team within the firm will continue its R&D activities.
Apart from this, Lu Weibing said that Xiaomi is still working on the electric car project as planned. This pledge shows Xiaomi’s resolve to enter the car market while achieving better results than planned.
Despite financial issues, Xiaomi’s strategic moves, like creating a large-scale model team and ongoing efforts in multiple areas, prove the company’s strength and drive for new ideas.
