- Lenovo is committing to expanding its global research and development teams over the next three years.
- The company has also set a goal to achieve net-zero by 2050.
- Lenovo CEO Yuanqing Yang further pledged to positively impact 15 million people through the Lenovo Foundation.
At today’s annual company kick-off to mark the beginning of a new financial year, Lenovo chairman and CEO Yuanqing Yang laid out his plans on how the company can play a role in the metaverse.
Yang announced that Lenovo will hire 12,000 Research and Development (R&D) professionals around the world over the next three years, in addition to the 5,000 that have come on board during fiscal year ‘21-’22. Lenovo previously announced in its Q2 quarterly results report that it will be doubling its R&D investments over three years.
The CEO further outlined the company’s mission for the year ahead build new growth engines, invest in emerging technologies and continue driving sustainable profitability improvements as it pivots from being a devices company to a full-stack IT architecture company that offers tech services and solutions.
In fiscal year ‘22-’23, Lenovo is continuing to prioritise R&D as R&D expenses for the quarter were up 38% year-on-year for Q3 2021. The new R&D hires will support the research and development of the IT architecture of “Client-Edge-Cloud-Network-Intelligence”.
R&D teams will work on incubating new technologies ranging from edge computing to technology that will help businesses capitalise on the metaverse.
Lenovo believes that the development of the “Client-Edge-Cloud-Network-Intelligence” IT architecture and the penetration of 5G will bring more growth opportunities to the company, as well as more growth potential for emerging smart devices such as embedded computing/IoT, and AR/VR driven by the metaverse.
“Lenovo continued to embrace the opportunities driven by accelerated digital and intelligent transformation, and our new IT architecture prepared us well with ‘client-edge-cloud-network-intelligence’ capabilities. With another record quarter, we delivered the 6th quarter of more than 50% net income year-on-year growth, and the first US$20 billion revenue quarter in our history. We remain on track to double both our net margin and R&D investment in three years from FY20/21 levels.” said Yuanqing Yang, Lenovo Chairman and CEO.
Besides its R&D commitments, Lenovo is also on a mission to become net-zero by 2050. It is working with the Science-Based Target Initiative to achieve this goal. According to its FY2021 sustainability report, Lenovo has met most of its targets to minimise packaging material, increase eco-friendly packaging, reduce product energy use and minimise carbon emissions and is on track to hit the rest of the targets for 2030.
On top of its net-zero target, Lenovo has pledged to positively impact 15 million people through the Lenovo Foundation by 2025. The company’s philanthropic arm provides underrepresented communities with access to technology and STEM education.
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