Xiaomi Becomes Fastest Growing Smartphone Company
Chinese smartphone maker Xiaomo Mobiles also known as Apple of China manage to become the 3rd biggest smartphone company of the world. Xiaomi has been valued at $45 Billion and get to this status within a span of 4 years. The company bagged this achievement by manufacturing a number of mobile phones that were economical and succeeded to attract a plethora of customers.
Xiaomi is now worth more than Uber, the taxi app. Uber went on the market valued at more than $18.2 billion (£11.7 billion). It is believed by the investors that Xiaomi has the potential to become a global consumer brand and to obtain this result, they have poured in cash in recent months.
Xiaomi whose products come with a logo of 'Mi' has become the third largest smartphone maker in the world, behind Apple and Samsung. The design of a Xiaomi smartphone is quite similar to that of Apple and that is why it is known as, as mentioned before, 'Apple of China'. It even produces an MiTV similar to AppleTV and has its own MiCloud, like Apple's iCloud.
Executives at Apple have reacted harshly to this semblance. The vice president of design at Apple, Sir Jonathan Ive, accused Xiaomi of theft. Apple currently values around $651.5 billion (£418.6 billion). Revenues of Xiaomi have increased by 300 percent last year and are $5.5 billion (£3.5 billion) now. The profit last year was just a small $56 million (£36 million), a figure that the investors believe will increase very sharply soon.
Xiaomi's revenue, according to sources, stands at the same amount at what the company was priced at last year – $10 billion. The company has plans for further expansion and has even pitched investment with Google. It might very well soon be targeting US or Europe with its pricing strategies after being famous for its tactical planning in China where it managed to sell 100,000 phones in under 90 seconds for $130 through Internet promotions.
