Chinese smartphone maker Xiaomi is looking to dominate the smart technology scene.
Channel News Asia, citing a letter posted on Xiaomi’s social media, reports that the Beijing-based company will be investing RMB50 billion ($7 billion) in artificial intelligence, 5G, and IoT over the next five years.
The letter was short on investment details, but confirmed that Xaoimi is expanding the investment part of it’s “All in AIoT” strategy. Previously, the company had only planned to invest RMB10 billion in the AI, 5G, and IoT.
Here’s what Xiaomi Chief Executive Lei Jun had to say:
“We need to turn our continuous advantage we have in AIoT and intelligent life into absolute victory in intelligent full scene, and completely cement our king status in the smart era.”
Xiaomi’s move comes amidst increased competition in China’s smartphone scene. The company, which also sells internet-enabled products such as TVs and rice cookers, has been losing serious ground to smartphone giant Huawei.
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