Visitors walk past a Xiaomi logo at the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing, China, April 25, 2024. REUTERS/Tingshu Wang/File Photo
(This story has been corrected to fix the attribution of investment timeline to company representative, not Xiaomi founder. The timeline has also been corrected to show that the investment is from 2025, not 2021)
BEIJING (Reuters) - Chinese smartphone and electric vehicle maker Xiaomi said on Monday it plans to invest at least 50 billion yuan ($6.93 billion) in chip design over at least 10 years.
The investment sum was flagged by Xiaomi's founder Lei Jun in a post on social media platform Weibo. A Xiaomi representative told Reuters the 50 billion yuan investment timeline starts from 2025.
Xiaomi has invested 13.5 billion yuan to self-develop its advanced mobile chip XringO1, Lei said in the post, adding that the company's chip design unit employs more than 2,500 people.
($1 = 7.2151 Chinese yuan renminbi)
(Reporting by Beijing Newsroom; Editing by Christopher Cushing)
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