Xiaomi to invest nearly $7 billion in developing high-end smartphone chips

BEIJING: Chinese tech giant Xiaomi will invest 50 billion yuan ($6.9 billion) in developing high-end smartphone chips, the firm’s founder said on Monday.

Xiaomi, which sells goods from smartphones to vacuum cleaners and EVs, is one of China’s most prominent consumer electronics firms.

“Chips are the underlying core track for Xiaomi to break through in cutting-edge technology, so we will definitely make an all-out effort,” founder Lei Jun said on social media, marking the company’s 15th year since its establishment.