Chinese tech company Xiaomi has announced it will spend 200 billion yuan (about $27.8 billion) on research and development (R&D) over the next five years.
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This investment will focus on improving its core technologies, according to Xiaomi’s founder and CEO, Lei Jun.
He shared this news during an event in Beijing, where Xiaomi is also launching its first electric SUV and a new advanced mobile chip called Xring01.
The company hopes this large investment will help it grow and create more innovative products in the future.
