Oppo is to invest in cloud, software, artificial intelligence and augmented reality as it expands its business at a time when the smartphone market is facing an industrywide slump, the company said on Tuesday.
It plans to invest 50 billion yuan (US$7.3 billion) over the next three years.
“We will correct various innovations that pursue short-term benefits and invest for true demand and long-term trends for users and the industry,” said CEO Chen Mingyong.
Through the investment, Oppo aims to improve products and services and reshape user experience of integrated hardware, software and services, Chen said.
Oppo has more than 280 million active users and the company aims to offer them customized services.
Meanwhile, it has established a computer-aided research platform on COVID-19 detection with higher efficiency and accuracy.
On Tuesday, Oppo launched several concept products including AR glasses, a foldable smartphone and its own AR system CyberReal.
China’s smartphone market sales were 83 million units in the third quarter, 15 percent down from a year ago.