Xiaomi CEO Lei Jun pledged to invest more than CNY50 billion ($7.1 billion) in artificial intelligence (AI) and 5G technologies over the next five years to command a leading position in both sectors, Reuters reported.
Lei made the announcement in a letter posted on social media accounts but did not disclose any details of the five year plan.
He said the Chinese technology company needs to transform its advantage in AIoT (Artificial Intelligence of Things) and intelligent life to “absolute victory in intelligent full scene, and completely cement our king status in the smart era.”
The investment builds on Xiaomi’s last round of investment last year where Lei pledged $1.4 billion into AI and smart devices, dubbing it the “All in IoT” strategy.
The Chinese smartphone maker has diversified its technology products over the years, having started as an affordable smartphone manufacturer. It now sells rice cookers, electric scooters and made its first foray into smartwatches last year. For 2020, Xiaomi plans to launch 10 5G phones.