Xiaomi to invest US$7bil in 5G, AI and IoT over next five years

Beijing-based Xiaomi Corp started as an affordable cellphone maker but its Internet-enabled products now include smart TVs and rice-cookers. — Reuters

BEIJING: Chinese smartphone maker Xiaomi Corp will invest more than 50 billion yuan (RM29.36bil) in artificial intelligence and fifth generation Internet technologies over the next five years, as competition in the sector grows.

Xiaomi Chief Executive Lei Jun made the announcement in a letter posted on the company's social media account on Jan 2, but did not provide specific investment details.

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