Outside of China, Xiaomi still has the impression of being a budget-friendly brand that exists for the sole purpose of offering more for less. While the strategy has served the company quite well since its advent, Xiaomi knows that in order to keep up growth, it has to rise above the competition. And what better way to do so than improving research?
With that likely in mind, Xiaomi chairman and founder Lei Jun yesterday announced that the company’s goals for investment into R&D in the next 5 years have been increased to 100 billion Yuan or around $15 billion. The company’s previous announcement from a couple of years back had set the amount at 50 billion Yuan, so the upgraded plans impart a perfect two-fold increase.
The CEO further revealed under the same post that 22 billion Yuan had already been invested over the past two years and that Xiaomi now has 16,000 engineers, meaning things have been going smoothly and in accordance with plans. He says that all of it is being done to “live up to the expectations of Mi Fans.”
And it’s not like all the money flowing into R&D has been fruitless as results have indeed been reflecting on its latest products — a good example being the Xiaomi 12‘s self-developed CyberFocus and Image Brain tech on its cameras that promises strides in object tracking and image processing speeds. The investment also very likely has a major role to play in getting the company to diverge into other businesses including smart home products and even EVs.
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