Xiaomi, the Chinese smartphone and electric vehicle maker (1810.HK), plans significant investment in chip design. The company will invest “at least 50 billion yuan ($6.93 billion) in chip design over at least 10 years starting from 2021,” according to founder Lei Jun’s Weibo post on Monday.

Xiaomi has already invested 13.5 billion yuan to self-develop its advanced mobile chip XringO1, Lei said. He also added that the company’s chip design unit employs more than 2,500 people.

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