Qualcomm signs $2B MoU with Lenovo, Xiaomi, vivo, Oppo, and ZTE

Qualcomm has signed memorandums of understanding for sales with Lenovo, Oppo, vivo, ZTE, Watech and Xiaomi. The Chinese companies expressed interest in purchasing $2 billion worth of components in the next three years.

The companies also agreed to work together in developing 5G-compliant commercial devices by 2019.

The announcement happened at a special Qualcomm-hosted event in Beijing, where the non-binding agreement was revealed. Reuters reports that it was attended by Cristiano Amon and Steven Mollenkopf, senior executives at the San Diego company, along with high figures from the Chinese companies.

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