16:33 - 19.05.2025

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May 19, Fineko/abc.az. Xiaomi plans to invest 50 billion yuans ($6.9 billion) in development of its own microchips for mobile phones in the next decade, ABC.AZ reports, quoting company’s founder Lei Jun on social network Weibo.

"Chips are a height that we need to climb, and a difficult battle that we cannot avoid if we want to become a great technology company," said Jun.

He added that the company will unveil its first processor, Xring O1, on Thursday, May 22.

Also on Thursday, there will be a presentation of YU7 electric car, which is expected to be able to compete with Tesla's Model Y in the Chinese market.

Xiaomi started selling its first electric car, SU7 sedan, last year. Since December, sales of the SU7 in China have outstripped sales of the Tesla Model 3.

Xiaomi shares rose 2.7% in Hong Kong on Monday. Since the beginning of the year, company's capitalization has jumped 1.5-fold.