Honor, one of China's largest smartphone manufacturers, plans to invest 10 billion dollars in developing artificial intelligence (AI) technology in its devices over the next five years. This was announced by Honor's CEO, James Li, at the Mobile World Congress held in Barcelona.
After separating from Huawei, Honor aims to expand its product range beyond smartphones to include AI-powered computers, tablets, and wearable devices. The company started restructuring its shareholder structure at the end of last year and has begun preparations for an initial public offering (IPO), although no specific timeline has been announced.
Honor's market share in China dropped from second place to fourth last year, due to the rise of competitors like Huawei and Vivo. The company is supported by the local government in Shenzhen, with funding for research and development, tax incentives, and support for international expansion.
Honor was acquired by Shenzhen Zhixin New Information Technology Co. for approximately 15.2 billion dollars in 2020 after separating from Huawei. This move was prompted by Huawei's difficulties due to U.S. sanctions.
With this major investment in AI, Honor plans to accelerate its technological development and strengthen its position in the market.
