xi's moments

Xiaomi to invest over 10 bln yuan in AI, IoT over next five years

Xinhua | Updated: 2019-01-12 21:52

Customers check out Xiaomi's products at one of its outlet stores in Shanghai. [Photo by Zhang Chenzhuo/For China Daily]

BEIJING -- Chinese tech giant Xiaomi plans to invest over 10 billion yuan in artificial intelligence (AI) and the Internet of Things (IoT) over the next five years, the company's CEO announced Friday.

The company's growth strategy for the near future will focus on smartphones as well as AI and IoT technologies and applications, said Lei Jun, Xiaomi founder and president.

The decision came after Xiaomi inked a strategic partnership with home appliance maker TCL and bought a tiny portion of the company's shares weeks ago.

The alliance and investment will strengthen Xiaomi's home appliance business in terms of supply chain and manufacturing, especially in air conditioners and washing machines.

Starting as a smartphone maker, Xiaomi has become a consumer IoT titan, connecting over 132 million smart devices excluding mobile phones and laptops as of last November.

Lei 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 focus on the European and Latin America markets, Lei said.

BACK TO THE TOP
Copyright 1995 - 2018 . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349