Xiaomi Focuses Investment in 5G & AI Over Next 5 Years

More than 50 billion yuan ($7.18 billion) will be invested by Chinese smartphone maker Xiaomi Corp in artificial intelligence and fifth-generation internet technologies over the next five years.
Xiaomi Focuses Investment in 5G & AI Over Next 5 Years 25
Lei Jun, chief executive officer of Xiaomi Corp., speaks during a product launch for the Redmi Note 7 smartphone in Beijing, China, on Thursday, Jan. 10, 2019. Xiaomi officially launched a new independent "Redmi" brand, headed by Vice President Lu Weibing. Photographer: Shawn Koh/Bloomberg

The company made this announcement on January 2 but it did not provide specific investment details.

Xiaomi said in October it planned to launch more than 10 5G phone models in 2020.

In November, Xiaomi launched its first smartwatch called the Mi Watch, which looks similar to the Apple Watch.

Xiaomi Focuses Investment in 5G & AI Over Next 5 Years 26

Xiaomi posted Q3 2019 revenue of 53.7 billion yuan ($7.65 billion), up 3.3% from 51.95 billion yuan ($7.39 billion) revenue it reported in Q2 2019 and 5.5% rise since Q3 2018.

“We need to turn our continuous advantage we have in AIoT and intelligent life into absolute victory in the intelligent full scene, and completely cement our king status in the smart era,” Xiaomi Chief Executive Lei Jun said.

Mao Shun
A techie who specializes in Wordpress.