Visitors walk past a Xiaomi logo at the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing, China, April 25, 2024. REUTERS
BEIJING, May 19 (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.
Reporting by Beijing Newsroom; Editing by Christopher Cushing