BEIJING: Xiaomi Corp will invest at least 10 billion yuan (US$1.5bil) on artificial intelligence and smart devices over the next five years, as the smartphone maker navigates an industry downturn and economic uncertainty stemming from US-Chinese tensions.
The investment is part of the Beijing-based company’s strategy of wringing more revenue from high-value services and the Internet of Things, billionaire co-founder Lei Jun said in a statement. The company is also focusing on pushing upmarket while expanding into Europe, Lei told Bloomberg Television on Thursday. Xiaomi’s taking action against the backdrop of a brewing trade war that’s stoking global economic uncertainty, he added.
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