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October 20, 2015

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Xiaomi’s new products not smartphones

XIAOMI Corp yesterday unveiled a 60-inch smart TV and an entry-level self-balanced vehicle as the company expands beyond the smartphone sector.

Xiaomi, the No. 2 domestic smartphone brand, faces fierce competitive pressure from rivals including market leader Huawei Technologies.

The latest Xiaomi TV, featuring a super high-definition 60-inch screen, super thin design and semi-professional speakers, costs 4,999 yuan (US$786), less than half the average market price of a 60-inch TV. It is also the biggest TV Xiaomi has ever released.

Xiaomi also launched a new self-balanced vehicle costing 1,999 yuan yesterday, six months after Xiaomi-invested Ninebot acquired the inventor of self-balanced vehicle Segway Inc. The price of the new vehicle was only a quarter of rivals’ average price.

The new products will be available in Xiaomi’s stores from November 3.

Xiaomi’s sales are set to grow 14.6 percent year on year in 2015, below Huawei’s expected annual growth rate of 40 percent this year, said Trendforce, a Taiwan-based research firm. Trendforce attributed this to Xiaomi’s unsuccessful attempt to expand into the high-end market.

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