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| Xiaomi plans to invest $ 7 billion in Intelligence and 5G over a 5-year period |
Chinese company Shaomi announced on Thursday that it plans to invest more than 50 billion yuan ($ 7.18 billion) in artificial intelligence, the Internet of Things and 5G networks over the next five years. Because competition on the ground becomes more difficult.
Lee Jun, CEO of Xiaomi, stated in a letter posted on the company's social media account, but he did not provide accurate details about the investment.
"We need to transform our ongoing passion for artificial intelligence, the Internet of things, and smart life into an absolute victory in a fully intelligent spectacle, and to reinforce our royal prestige in an intelligent age," said John.
This is not the first time that Xiaomi has promised to invest in AIoT, which relates to AI-based IoT technologies. Last year, Xiaomi announced that it would invest 10 billion yuan over the next five years.
It should be noted that Xiaomi, based in Beijing, China, started his career with a company that manufactures smartphones at low prices. Products that support the Internet include smart TVs and rice cookers. However, Xiaomi faces strong competition from local companies such as Huawei, which accounted for 42% of the Chinese smartphone market in the third quarter of 2019.
It should be noted that Xiaomi announced last October that it would launch more than 10 mobile phones supporting 10G in 2020.