Xiaomi lifts investment in 5G, AIoT to USD 7 bln

Nieuws Mobiel Wereld 3 JAN 2020
Xiaomi lifts investment in 5G, AIoT to USD 7 bln

Xiaomi wants to put at least CNY 50 billion (USD 7.18 billion) over the next five years into 5G and AIoT to ensure its lead in the field, CEO Lei June said in his New Year’s address to the company. The money is an increase from last year’s investment goal of CNY 10 billion under the company’s 'All in AIoT' plan. "This is to ensure we win this new smart era," Jun said. 

As the company nears its ten-year anniversary, the CEO noted that the company’s Mi TV is now number one in China in terms of shipments, the first company to reach over 10 million units shipped per year in the country. Mi TV is at number five globally, the CEO added. 

Xiaomi also announced the appointment of Chang Cheng as VP, responsible for Xiaomi smartphone products. 

The company plans to celebrate its anniversary in April.

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