China's Xiaomi to invest almost $28 billion in core technology R&D over next five years

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)