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Lenovo To Spend Over $15 Billion On R&D For Metaverse & Hi-Tech Services

Lenovo is seeking to increase tech development and spread smart technology and will adopt a model of a service-oriented company. 

Lenovo To Spend Over $15 Billion On R&D For Metaverse & Hi-Tech Services

The Lenovo Group, a Chinese computer manufacturer, will be spending over $15 billion over the period of the next five years on R&D as it shifts focus from the hardware angle to services to do with hi-tech. 

The Chairman and CEO of Lenovo, Yang Yunaking, laid out the plan in the course of a company event that kicked off this year’s fiscal. Yang had said in September that Lenovo would be doubling its investments in R&D over the next three years. However, this last announcement highly increases its ambitions for the future. 

Yang said that COVID had accelerated the digitalisation of services as well as the smart technology and Lenovo was right on top of it to capture this opportunity for growth. Lenovo is seeking to increase tech development and spread smart technology and will adopt a model of a service-oriented company. 

Short term wise, Lenovo is looking to go ahead with product innovation, and later on, it will put its concentration and efforts into areas like virtual reality, data, augmented reality as well as cloud services. Its long-term plan includes looking into options for engagement in core technology that will have a focus on communications and next-gen AI. 

Over the next three years, Lenovo will be adding 12,000 staff members for R&D, where at the moment, it has 10,000 members already present in the department. It will increase college campus recruitment and usher in 3,600 new members of the R&D team in this fiscal year. Lenovo also disclosed that it has stakes in companies that specialise in VR, AR, core components, industrial software as well as robots. 

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