Xiaomi, the Chinese smartphone maker, has been growing aggressively in recent years and will keep the ball rolling in the coming years as well. On Thursday, Xiaomi CEO Lei Jun announced the company’s upcoming 50 billion yuan ($7.18 billion) investment in 5G, AI, and IoT.
This massive investment is aiming at a plan for the next 5 years. More details are yet to come. However, it is pretty clear that Xiaomi will be deeply focusing on artificial intelligence to strengthen the company’s ongoing business and be dominant in the smart era. For that, the company proposes “5G+AI+IoT and next-generation super internet”.
In January 2019, at the company’s Annual Meet, Xiaomi had proposed its five-year business strategy based on AIoT (combination Artificial Intelligence and Internet of Things). Also, the team pledged “All in IoT” as part of the strategy. However, the disclosed investment amount for the plan was CNY 10 billion ($1.5 billion). After a year, when the latest announcement is out, the amount is way more.
Started as an affordable cell phone maker, Xiaomi is one of the leading smartphone makers in the world, being China and India as the major markets. Recently, Xiaomi introduced its Smart TV as well.
Xiaomi has become the no.1 smartphone provider in India in 2019, which was a very fruitful year for the company. In Q2 2019 itself, the company witnessed a 71.7% jump in net profit. Overall, the CEO feels quite satisfied with the overall performance in 2019.
“As our industry entered a critical transition from 4G to 5G, we focused on healthy operations to drive our capabilities in building better quality products, innovation, and delivering new products in the future,” he said in an open letter published in the official blog.
2020 marks the 10th year of Xiaomi’s entrepreneurial journey. The new year also witnessed Mi TV’s No.1 ranking in China shipments.
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