Nokia exec David Mihaylovich said in a report Tuesday that the company will invest $9 billion in tablet production in a bid to revive the struggling tablet business.
The investment comes after a year of declining sales of Nokia’s Lumia 920.
Nokia is expected to release a tablet powered by a Qualcomm Snapdragon 808 processor.
It is the first major smartphone maker to commit to investing in tablet sales after Google announced plans last month to invest in mobile phones in the future.
Nokia’s first tablet was a failure, but Mihai said the company has been focused on developing the next-generation tablet in order to take its tablet business to the next level.
The company will also be launching a smartphone business, which Mihari said will be an “integrated device” that uses a Qualcomm chipset.
Nokia has been aggressively investing in mobile hardware in the last few years, particularly in its smartphones.
The Finnish company has spent $2.2 billion to buy Nokia Siemens Networks last year and it plans to invest another $1.5 billion in the smartphone business in 2020.
Nokia Siemen Networks will become a standalone company and will focus on smartphone production, Miharylovich told the Wall Street Journal.
Nokia also plans to launch a new Nokia mobile service in 2020 and expand its network into new markets.
Mihae is Nokia’s former executive chairman and is now its CFO.