Xiaomi to invest $7 billion in 5G, AI and IoT technologies over next five years

The Chinese company that has the preference of Brazilians when it comes to smartphones believes that this tripod is crucial for Xiaomi's reign in the 'smart age'

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  • The announcement was made by Xiaomi’s CEO Lee Jun in the company’s social media;
  • He said that has to ‘cement’ its ‘king status in the smart era’.

According to Reuters, Xiaomi will invest over 50 billion yuans (more than $7 billion) in 5G, Artificial Intelligence (AI) and Internet of Things (IoT) technologies in the next five years. The main focus of the company are the smartphones, but not the only one as Xiaomi produces a range of devices that can benefit from these technologies, from smart TVs to electric rice cookers.

The announcement was made by Xiaomi’s CEO Lei Jun in the company’s social media. He said that has to ‘cement’ its ‘king status in the smart era’.

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Also according to Reuters, the company has lost part of its domestic market share for Huawei, which captured 42% of the smartphones sales in the country in the third quarter of 2019 at the expense of local competitors such as Xiaomi and also global ones such as Apple.

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On the wearables’ front, however, Xiaomi really is the “king”. According to International Data Corp data released by Reuters, the company closed the second quarter of 2019 with a 17.3% market share of this segment, followed by Apple and Fitbit, recently acquired by Google.

Last year, Xiaomi opened two physical stores in Brazil, the first ones in Latin America, in Sao Paulo. In December, a survey by SemRush on Google and Bing search platforms, the most used in Brazil, showed that the company leads the search for smartphones on the internet in the country.