(This May 22 story has been corrected to fix the name of the chip to Xring O1, not Xring01, in paragraph 2)
BEIJING (Reuters) – China’s Xiaomi plans to invest a further 200 billion yuan ($27.8 billion) in core technology research and development over the next five years, founder and CEO Lei Jun said on Thursday.
Lei announced the decision at an event in Beijing, where the company is due to launch its first electric SUV and advanced mobile chip Xring O1 among other products.
($1 = 7.2050 Chinese yuan renminbi)
(Reporting by Pan Che, Qiaoyi Li and Brenda Goh; Editing by David Goodman)
