By Yifan Wang
Xiaomi Corp. (1810.HK) plans to invest at least 50 billion yuan ($7.18 billion) in 5G, artificial intelligence and the internet of things over the next five years, as global technology firms race to carve shares in these fast-growing markets.
The world's fourth-largest smartphone maker by shipments will seek to "completely cement the champion status" in these nascent fields, founder and chief executive Lei Jun said in a letter posted on the company's Weibo account.
The pledge is a step-up from Xiaomi's investment plan announced in early 2019, when it vowed to pour CNY10 billion into new technologies within five years.
The handset maker has been rapidly expanding in the smart home appliances sector with products ranging from robot vacuums to rice-cookers.
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