Xiaomi to invest $7.18 billion in 5th generation technologies
Chinese company Xiaomi Corp announces to invest more than 50 billion Yuan in fifth generation internet technologies for the next 5 years.
Xiaomi announces this investment as competition in the sector grows.
Xiaomi Chief Executive Lei Jun made the announcement in a letter posted on the company’s social media account.
The specific investment details are not provided yet.
“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,” Lei said.
The announced investment increases Xiaomi’s pledge made last year to invest 10 billion yuan in an “All in AIoT” strategy.
The Beijing-based company started as an affordable cellphone maker but its internet-enabled products include smart TVs and rice-cookers.
However, Xiaomi also faces intense competition in its home market from rival Huawei Technologies.
It captured a record 42% of China’s smartphone market in the third quarter at the expense of local manufacturers and Apple.
Lei announced in October the company planned to launch more than 10 5G phone models in 2020.
Earlier, Chinese tech giants Tencent and Xiaomi reprimanded by Beijing for designing apps that infringe on users’ privacy.
China recently tightened its privacy of companies that gather data from consumers.
China as well exercises close surveillance of online activity.
Xiaomi Finance and Tencent’s instant messaging service QQ among dozens of problematic apps named and shamed.
QQ forces users to allow the app to track their usage habits so it can show targeted ads, the ministry said in a statement.
If users do not give up their phone permissions, they cannot access the app at all, it added.
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