The founder of the Chinese tech giant Xiaomi announced on Monday that the company would invest 50 billion yuan ($6.9 billion) in the development of high-end smartphone CPUs.
One of the most well-known consumer electronics companies in China is Xiaomi, which offers everything from smartphones to vacuum cleaners and electric vehicles.
To mark the company’s 15th anniversary, Lei Jun stated on WeChat, “We will definitely make an all-out effort because chips are the underlying core track for Xiaomi to break through in cutting-edge technology.”
Xiaomi has created an investment strategy that includes “at least 10 years of investment and at least 50 billion yuan” in order to pursue its semiconductor goals, Lei continued.
Xiaomi entered the smartphone semiconductor market for the first time in 2017 with the debut of the Surge S1, the company’s first proprietary processor.
The business has subsequently refocused on other components and a move into the electric car market after being forced to suspend manufacture of the chip due to financial and technical issues.
“Our ‘dark history’ is not that. That’s the route we’ve taken,” Lei wrote on Monday.
According to the billionaire businessman, Xiaomi’s chip development program has already garnered 13.5 billion yuan in research and development money since 2021, supporting a staff of over 2,500 workers.
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As both countries aim to guarantee access to the most cutting-edge components, Beijing and Washington are experiencing increased technological tensions at the time of the announcement.
In the face of that competition, several Chinese companies are rushing to create their own chips in an effort to reduce their need for outside vendors.
“Xiaomi has always had a ‘chip dream’,” Lei stated. She added: “I earnestly request everyone to give us more time and patience to support our continued exploration on this road” .
