Xiaomi is a privately owned Chinese electronics company headquartered in Beijing. It is the world’s 5th largest smartphone maker in 2015. Xiaomi designs, develops, and sells smartphones, mobile apps, laptops, and related consumer electronics.
Since the release of its first smartphone in August 2011, Xiaomi has gained market share in mainland China and expanded into developing a wider range of consumer electronics, including a smart home (IoT) device ecosystem. The company’s founder and CEO is Lei Jun, China’s 23rd richest person according to Forbes.
Last year things were a bit rough for the chinese phone manufacturer, but things have really improve for Xiaomi in 2017, earlier this week they signed Patents with Nokia, and now, its sales record for Q2 is 23.16 million phones sold world wide. This is a 70% rise in sales from Q1 making it the best quarter ever for the Chinese company. The company faced a slowdown in sales last year over supply constraints, with CEO Lei Jun announcing a series of broad changes at the end of last year.
Xiaomi CEO Lei Jun noted that the increase in sales was down to a new retail model that sees the brand focusing more on offline retail. The company now has 123 Mi Home stores in China, and is set to open 14 additional stores
Xiaomi introduced its first -in-house chipset, the Surge S1, earlier this year, and Jun also highlighted advancements it made with camera and battery technologies with the Mi 6 and Mi Max 2.
Looking forward, Lei Jun is setting a revenue target of $14.7 billion (100 billion Yuan) for 2017, along with a shipments target of 100 million for 2018:
“Today’s accomplishment is not an easy feat. We offer our sincere gratitude to all of our Mi Fans for the trust they have placed in us over the years. We are grateful to our partners for their support, and especially to Xiaomi’s 13,000 employees and families for your dedication.
The smartphone market is brutally competitive, and we are only taking the first steps in our journey. In order to continue growing, we must keep true to our core values, and innovate relentlessly. We have to give our engineers the freedom to think outside of the box, and explore fearlessly without boundaries.
We set no limit when it comes to innovation and investment. In the next 12 months, we will need to hire thousands of R&D talent for our smartphone business and further bolster our innovation capabilities.
I told everyone at the start of the year that the most difficult times are behind us. I also set a humble revenue goal of RMB 100 billion for the year. I am now confident we can achieve this goal. A new chapter for Xiaomi has just begun, and so many possibilities lie ahead of us. Our future is as vast as the constellations and beyond.
Finally, let’s just add another humble goal: to ship 100 million smartphones in 2018! “
Read: Nokia and Xiaomi have signed patents for Future Projects together