Xiaomi plans to invest over $15 bn into R&D in next 5 years: Report

Xiaomi plans to invest over $15 bn into R&D in next 5 years: Report

AgenciesUpdated: Thursday, December 30, 2021, 12:24 PM IST
article-image
Xiaomi's previous announcement from a couple of years back had set the amount at 50 billion Yuan, so the upgraded plans impart a perfect two-fold increase./ Representative Image |

Smartphone brand Xiaomi has announced that it is planning to invest over $15 billion into research and development (R&D) over the next five years, media reports said.

According to GizmoChina, Xiaomi Chairman and founder Lei Jun said that the company's goals for investment into R&D in the next 5 years have been increased to 100 billion Yuan (around $15 billion).

The company's previous announcement from a couple of years back had set the amount at 50 billion Yuan, so the upgraded plans impart a perfect two-fold increase, the report said.

The CEO further revealed under the same post that 22 billion Yuan had already been invested over the past two years and that Xiaomi now has 16,000 engineers, meaning things have been going smoothly and in accordance with plans, it added.

He said that all of it is being done to "live up to the expectations of Mi Fans".

As per the report, the investment also very likely has a major role to play in getting the company to diverge into other businesses including smart home products and even electric vehicles.

(With inputs from IANS)

RECENT STORIES

Amazon Charges Customers Marketplace Fee, Enabling Convenient Access To A Large Range Of Products...

Amazon Charges Customers Marketplace Fee, Enabling Convenient Access To A Large Range Of Products...

MCX Launches Electricity Futures, Strengthens Its Energy & Commodities Portfolio

MCX Launches Electricity Futures, Strengthens Its Energy & Commodities Portfolio

Smartworks Coworking Spaces' Total Debt Stood At ₹382 Crore At The End Of April; Plans To Launch...

Smartworks Coworking Spaces' Total Debt Stood At ₹382 Crore At The End Of April; Plans To Launch...

Invest ₹21,000 To Earn ₹1.25 Lakh Daily? Viral Scheme Exposed, PIB Calls It Fake

Invest ₹21,000 To Earn ₹1.25 Lakh Daily? Viral Scheme Exposed, PIB Calls It Fake

Gautam Adani Shares Video Showcasing Glory Of Solar Plants Boosting Green Energy

Gautam Adani Shares Video Showcasing Glory Of Solar Plants Boosting Green Energy