AsianFin -- Chinese smartphone and electric vehicle manufacturer Xiaomi plans to invest at least 50 billion yuan (approximately $6.93 billion) in chip design over a decade starting from 2021, founder Lei Jun revealed Monday in a Weibo post.

Lei also shared that Xiaomi has already invested 13.5 billion yuan in developing its advanced mobile chip, the XringO1, and that its chip design division currently employs more than 2,500 people.