Chinese smartphone maker Xiaomi announced that it will be expanding to 10 new countries this year. The company is best known for offering high quality products at affordable prices and is even outselling Apple in China. It’s been quite successful so far that when the company releases a product in the market it gets sold out in a matter of minutes.
With former Google executive Hugo Barra in charge of expansion the company now plans to increase its production capacity and expand to new markets. Unfortunately for those living in the US or Europe, Xiaomi still has no plans of expanding there as of yet.
The ten countries are as follows
Xiaomi President and co-founder Bin Lin said that “You can certainly call this acceleration. It’s our mission and our belief that this model should be able to achieve some level of success outside of China.” The goal is to sell 100 million phones in 2015.
Right now Xiaomi is selling its products in China, Taiwan, Hong Kong, and Singapore. The company is able to sell its smartphones at a low price since it sells directly to its customers through its website thus cutting the markup cost of the middleman.
Its popular products include
Redmi Note – A 5.5-inch device that uses an octa-core 1.4 GHz processor and comes with a 13MP rear camera and 5MP front camera
Redmi – A 4.7-inch device that uses a quad-core 1.5 GHz processor and is sold at a low price
Mi-3 – Dubbed as the fastest Xiaomi phone ever. It has a 5-inch IPS display and uses a Qualcomm Snapdragon 800 processor clocked at 2.3 GHz.
So why isn’t the company expanding to the lucrative U.S. or European market yet? While no reason has been given yet for this it’s probably because the company wants to target emerging markets first to solidify its base. The U.S. and European market may be large and lucrative but it is also saturated with lots of established brands competing for customers.