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China tech

Lenovo to spend over $15bn on R&D for metaverse, other tech

Computer maker to develop virtual reality and cloud services in 5-year plan

A man tries on a Lenovo virtual reality headset at a tech expo.   © Reuters

BEIJING -- Chinese personal computer manufacturer Lenovo Group will spend more than 100 billion yuan ($15.7 billion) over the next five years on research and development, the company said Wednesday, as it shifts from hardware to high-tech services.

Lenovo Chairman and CEO Yang Yuanqing unveiled the plan during a company event kicking off the new fiscal year. Yang told Nikkei in September that Lenovo will double its R&D war chest over the next three years. The latest announcement greatly expands on those ambitions.

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