The world’s largest personal computer manufacturer Lenovo Group has assigned over RMB 100 billion ($15.7 billion) in spending over the coming five years to research and development, as it shifts away from hardware to high-tech services, reports Nikkei Asia. Lenovo Chairman and CEO Yang Yuanqing unveiled the plan during a company event kicking off the new fiscal year.
In the short term, Lenovo will move forward with product innovation in its current lineup. In the medium term, the company will concentrate on areas such as data, augmented reality, virtual reality and cloud services. Lenovo’s long-term plan is to engage in core technology geared toward next-generation artificial intelligence and communications, among other applications.
Lenovo will hire 12,000 additional R&D staff members within three years. The company had roughly 10,000 people in the department during the fiscal year ended March 2021, according to Chinese media.