- Xiaomi has announced it is investing over $7 billion in AI and 5G Internet technologies in the next five years
Chinese consumer electronics company Xiaomi announced it is going to be investing over 50 billion yuan (over $7 billion) in artificial intelligence and fifth-generation Internet technologies in the next five years.
Xiaomi CEO Lei Jun made the announcement in a letter published on a company social media account today.
“We need to turn our continuous advantage we have in AIoT (artificial intelligence of things) and intelligent life into absolute victory in intelligent full scene, and completely cement our king status in the smart era,” said Lei.
This investment is a jump from Xiaomi’s pledge last year for investing 10 billion yuan over five years in an “All in AIoT” strategy.
Xiaomi was originally known for building affordable smartphones. But now it is offering a wide range of consumer electronics. And late last year, Lei announced plans for Xiaomi to build over 10 5G smartphone devices in 2020.
Xiaomi’s largest local rival is Huawei Technologies. Huawei has a 42% smartphone market share in China in the third quarter, according to Reuters.
