Xiaomi, the sixth largest smartphone company in China, has already sold 7 million units during its first half of the year and now has targeted to sell 13 million more by the end of the year.
Its core line of smartphones includes the Mi 2S, the Mi 2A, and the Mi Red (all of which are available for sale in Greater China). Xiaomi has become more ambitious because it believes that sales of smartphones increases as the end of the year approaches.
Lei Jun (CEO of Kingsoft) and Lin Bin (a former engineer at Microsoft and Google) co-founded Xiaomi with five other partners on June 6, 2010. Since the release of its first smartphone in August 2011, Xiaomi has rapidly gained market share in Mainland China and expanded into developing a wider range of consumer electronics. Xiaomi has been reaching this new heights by selling smartphone Red Rice which is available for $ 130.
Unlike Apple and Samsung, Xiaomi has no bricks and mortar retail stores nor does it partner with third-party distributors. Instead, all their products are sold directly via the company’s website.The company also plans to launch one more flagship smartphone called Mi3 by the end of the year.
Xiaomi is also preparing to launch tablets by the end of this year.The company overtook Apple in Q2 2013 in sales in China.