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Chinese smartphone maker Xiaomi Corp will invest more than 50 billion yuan ($ 7.18 billion) in artificial intelligence and fifth generation of Internet technology during the next five years, due to competition in this sector is growing.
Xiaomi Chief Executive Lei Jun made the announcement in a letter posted on the company’s social media accounts on Thursday, but did not give details of the specific investment.
“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,” said Lei, using the acronym for artificial intelligence case, a reference to the combination of AI and internet technology.
Xiaomi announced investment increases this promise made last year to invest 10 billion yuan over five years in an “All in AIoT” strategy.
The Beijing-based company started as a maker of affordable mobile phones but its Internet-enabled products now include smart TVs and rice-cooker.
However, Xiaomi also faces stiff competition in its home market of rival Huawei Technologies, which captured a record 42% of the Chinese smartphone market in the third quarter at the expense of other local manufacturers and Apple.
Lei announced in October the company plans to launch more than 10 models of mobile phones in 2020 5G.
($ 1 = 6.9629 Chinese yuan)