BEIJING- Xiaomi Corp is set to invest over 50 billion yuan (£5.3 billion) over the next five years towards Fifth Generation (5G) internet technologies and artificial intelligence of things (AIoT) with increasing competition in the sector.
On Thursday, the Chinese smartphone company’s Chief Executive Lei Jun announced the same via a letter posted on Xiaomi’s social media account. Specific details on the investment were not listed on this post.
Lei said that Xiaomi must make use of their AIoT and intelligent life continuous advantage in order to cement their king status in the smart era.
The investment announces increases the company’s pledge to last year’s 10 billion yuan investment over a period of five years in an “All in AIoT” strategy.
Though primary parading as an affordable smartphone producer, Xiaomi now produces internet-enabled smart TVs and rice-cookers.
In the home market, Xiaomi faces intense competition from Huawei Technologies.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.