Xiaomi To Invest USD 1.48 Billion In IoT, AI

Xiaomi announced plans to invest over CNY 10 billion (USD 1.48 billion) in areas related to artificial intelligence and the internet of things within the next five years, international press reported the company’s chairman and CEO Lei Jun as saying.

The executive highlighted that both artificial intelligence and IoT technologies will be a part of the company’s core development strategy over the coming years.

The Beijing-headquartered phone maker also plans to introduce its first 5G smartphone in the second half of this year, as it expects large-scale commercialization of 5G in the next two to three years.

“5G will be the spring of mobile phone business, as the 5G era will surely trigger a new wave of smartphone replacement demand,” Lei said.

Lei also said Xiaomi’s smartphone business will continue to focus on innovation and quality, as well as to optimize its product portfolio.

The company’s global expansion will continue this year, with a focus on the European and Latin America markets, the executive added.―Enterprise IoT Insights