The Chinese are throwing down the gauntlet to Musk, but that's not all. They'll pump billions into new technologies
The Chinese company Xiaomi plans to spend around 200 billion yuan, or $27.85 billion , on the development of key technologies over the next five years.
The work will focus on improving functionality and new solutions that will be used in the production of new models of electric cars.
During the conference in Beijing, the company presented a new car, the YU7 , which is to compete with Elon Musk's Tesla on the Chinese market.
Xiaomi's founder and CEO Lei Juan has announced a commitment to spend 50 billion yuan, or about $7 billion, on developing its own microprocessors for mobile telephony.
In March, the company introduced a new model of the Xiaomi 15 Ultra 5G smartphone with a 6.7-inch screen and advanced Sony Group sensors and optics from the German company Leica Camera.
In just three days since the start of sales, orders have been accepted for over 10,000 devices, although the price for the basic version starts at $1,499.
Xiaomi has a 15% market share, ahead of Samsung and Apple. In 2024, net sales revenue was 365.9 billion yuan ($51.2 billion), up 35%.
Net profit rose 41.3 percent to 27.2 billion yuan, or $6.5 billion.
Due to the ongoing trade war between the United States and China, the authorities in Beijing are pressuring domestic companies to declare increased spending on research into new technologies .
Journalist, graduate of political science at the Faculty of Law and Administration of the Jagiellonian University. Associated with the media for over 40 years. After graduating in 1982, he worked in the editorial offices of "Gazeta Krakowska" and "Kurier Polski". Member of the editorial team of "Przegląd Techniczny". He published texts in "Student", "Przekrój", "Życie Literackie". Since the economic and political changes, for over 20 years associated with the Reuters agency as a correspondent in Krakow. For the next three years, he conducted practical classes with students at the Institute of Journalism, Media and Social Communication of the Jagiellonian University. Since December 2021, he has joined the PTWP Group and works on the WNP.PL portal. His main professional interests are economics and politics at the global level and the participation of Polish business in this, especially companies listed on the Warsaw Stock Exchange. Winner of the "Ostrego Pióra" award, granted for "spreading economic education" by the BCC, as well as the Golden Pear - a journalistic award of the Małopolska Branch of the Association of Journalists of the Republic of Poland.
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