Xiaomi

Coordinates: 39°55′32″N 116°26′30″E / 39.9255°N 116.4416°E / 39.9255; 116.4416

Xiaomi Corporation
Native name
 小米集团
Public
Traded as SEHK: 1810
Industry Consumer electronics
Computer hardware
Founded 6 April 2010 (2010-04-06)
Founder Lei Jun
Headquarters Haidian District, Beijing, China
Area served
 Selected markets
Key people
 Lei Jun (CEO)
Lin Bin (林斌) (President)
Manu Kumar Jain (Global Vice President)
Products Mobile phones
Smartphones
Tablet computers
Smart home devices
Laptops
Smart TV
Revenue Increase US$18 billion (2017)
Number of employees
 15,222[1]
Subsidiaries Huami
Mijia
Aqara
Yeelight
Blackshark
Poco
Youpin
Website mi.com
Xiaomi
Chinese 小米
Literal meaning "millet"
Xiaomi store in China

Xiaomi Corporation (/ˈʃaʊˌmiː/;[2] Chinese: 小米 [ɕjǎu.mì] ( listen)) is a Chinese electronics company headquartered in Beijing. Xiaomi makes and invests in smartphones, mobile apps, laptops, and related consumer electronics.[3]

Xiaomi released its first smartphone in August 2011 and has rapidly gained market share in China to become China's largest smartphone company in 2014.[4] As of the start of Q2 of 2018, Xiaomi is the world's 4th largest smartphone manufacturer.[5][6][7] Xiaomi has expanded into developing a wider range of consumer electronics, including a smart home (IoT) device ecosystem.[8][9][10][11]

Xiaomi has 15,000 employees[12] in China, India, Malaysia,[13] Singapore and is expanding to other countries such as Indonesia, the Philippines, and South Africa.[14][15] According to Forbes, Lei Jun, the founder and CEO, has an estimated net worth of US$12.5 billion.[16] He is China's 11th richest person and 118th in the world.[16] Xiaomi is the world's 4th most valuable technology start-up after receiving US$1.1 billion funding from investors, making Xiaomi's valuation more than US$46 billion.[17]

History of Xiaomi

Products

Xiaomi has produced many products. Notably, it produces smartphones which run on their own version of Android MIUI firmware. Observers suggest that part of Xiaomi's rapid success rests on its ability to differentiate itself within the Android universe.[18] The company has established its own ecosystem by increasingly offering a wide range of products. Its varying lines of smartphones include: Mi Series, Mi Note Series, Mi Max Series, Mi Mix Series and the Redmi Series. As well as mobile phones, Xiaomi has started selling wearables, mobile accessories, and appliances such as television and speakers. It now also offers tablets, laptops, and smart-home devices - all available on its web store.

Xiaomi operates a vertically-integrated model, which is considered a pioneering approach that enables the company to sell hardware at or below cost in order to attract users and augment potential financial shortfall with recurring revenue generated from content.[18] Hugo Barra, a former Google executive who served Xiaomi's vice president from 2014 to 2017, characterized the organization as "an internet and a software company much more than a hardware company".[19]

Xiaomi also keeps its prices low or close to "bill-of-material" by keeping most of its products in the market longer - eighteen months rather than the six-month norm followed by smartphone companies.[19] This strategy allows Xiaomi to take advantage of price reductions in the prices of key components of its products. It enables the company to sell hardware with specifications comparable to high-end devices at a fraction of the cost.[20]

The company's version of the Android operating system, the MIUI skin, also drives the integration of the Xiaomi ecosystem. This platform, with its design, app marketplace, and functionalities, has established a community of engaged users,[18] who not only form a crucial part of Xiaomi's customer base, but also contribute to the company's drive to raise the market's awareness of its brand, products, and services. Also, the ecosystem is a massive source of revenue as indicated in 2015, when sales from the platform reached $750 million.[21]

The company's focuses on India, the world's second-largest smartphone market[22][23]. Xiaomi announced on May 2, 2018, the launch of Mi Music and Mi Video to offer "value-added internet services" in India to secure its position in one of its most important markets[24]. On March 22, 2017, Xiaomi announced that it planned to set up a second manufacturing unit in India in partnership with contract manufacturer Foxconn.[25][26] On August 7, 2018, Xiaomi announced on its blog[27] that Holitech Technology Co. Ltd., Xiaomi's top supplier, would invest up to $200 million over the next three years to set up a major new plant in India.[28]

See also

References

  1. ↑ Bloomberg
  2. ↑ How to say: Xiaomi - BBC News - BBC.com
  3. ↑ 小米47寸电视真机照曝光 (in Chinese). MyDrivers.com. 17 June 2013. Archived from the original on 25 August 2013. Retrieved 15 August 2013.
  4. ↑ "The China Smartphone Market Picks Up Slightly in 2014Q4, IDC Reports". IDC. Archived from the original on 17 February 2015. Retrieved 18 February 2015.
  5. ↑ "Xiaomi Dials Up Pressure on Samsung - Caixin Global". www.caixinglobal.com. Retrieved 2018-08-07.
  6. ↑ "IDC: Xiaomi ends Q1 2018 as the fourth largest smartphone brand in the world". Notebook Check. Archived from the original on 7 May 2018. Retrieved 7 May 2018.
  7. ↑ "A Slowdown in China Drags the Worldwide Smartphone Market to a Year-over-Year Decline of 2.9% in Shipments During the First Quarter of 2018, According to IDC". IDC. Archived from the original on 7 May 2018. Retrieved 7 May 2018.
  8. ↑ Bischoff, Paul. "Xiaomi unveils sensor panels for its smart home ecosystem". Tech in Asia. Archived from the original on 18 February 2015. Retrieved 18 February 2015.
  9. ↑ Lococo, Edmond (18 January 2015). "Xiaomi Unveils Smart Home Suite With Security Features". Bloomberg Business. Archived from the original on 22 February 2015. Retrieved 18 February 2015.
  10. ↑ Kan, Michael. "Xiaomi looks beyond smartphones to smart home products". PC World. Archived from the original on 18 February 2015. Retrieved 18 February 2015.
  11. ↑ Song, Huei. "XIAOMI ANNOUNCES NEW SMART HOME GADGETS – WEBCAM, POWER PLUG, LIGHTBULB AND REMOTE CENTER". lowyat.net. Archived from the original on 18 February 2015. Retrieved 18 February 2015.
  12. ↑ "User Agreement". miui.com. Archived from the original on 6 June 2014. Retrieved 5 June 2014.
  13. ↑ Eilers, Chris (24 June 2014). "How China's Xiaomi Beats Huawei in Malaysia". Oizoioi Malaysia Tech Blog. Archived from the original on 28 June 2014. Retrieved 28 June 2014.
  14. ↑ Russell, Jon (30 June 2015). "Xiaomi Expands Its Empire To Brazil, Will Sell First Smartphone There July 7". Tech Crunch. Archived from the original on 2 July 2015.
  15. ↑ Shu, Catherine (28 August 2013). "Xiaomi, What Americans Need To Know". TechCrunch. AOL. Archived from the original on 30 August 2013. Retrieved 28 August 2013.
  16. 1 2 "Xiaomi CEO Tries to Follow in Steve Jobs' Footsteps - Caixin Global". www.caixinglobal.com. Retrieved 2018-08-07.
  17. ↑ "Xiaomi raises another $1.1 billion to become most-valuable tech start-up". 29 December 2014. Archived from the original on 3 March 2016.
  18. 1 2 3 Liu, Qiao (2016). Corporate China 2.0: The Great Shakeup. New York: Palgrave Macmillan. p. 205. ISBN 9781137603722.
  19. 1 2 Treadgold, Alan; Reynolds, Jonathan (2016). Navigating the New Retail Landscape: A Guide for Business Leaders. Oxford: Oxford University Press. p. 128. ISBN 9780198745754.
  20. ↑ Xiaomi Patent Portfolio Analysis. LexInnova Technologies, LLC. 2014-10-01. p. 1.
  21. ↑ Giachetti, Claudio (2018). Smartphone Start-ups: Navigating the iPhone Revolution. Cham: Palgrave Macmillan. p. 65. ISBN 9783319679723.
  22. ↑ "Smartphone Upstart Xiaomi Brings Partner to India to Curry Local Favor - Caixin Global". www.caixinglobal.com. Retrieved 2018-08-08.
  23. ↑ www.ETTelecom.com. "Indian smartphone market grows 23% to overtake US in Q3; Samsung, Xiaomi drive shipments - ET Telecom". ETTelecom.com. Retrieved 2018-08-08.
  24. ↑ "Xiaomi Rolls Out Music, Video Apps in India - Caixin Global". www.caixinglobal.com. Retrieved 2018-08-08.
  25. ↑ "Xiaomi to Partner with Foxconn to Open Second Factory in India". k.caixinglobal.com. Retrieved 2018-08-08.
  26. ↑ Compare: Solutions, EIU Digital. "Xiaomi to open second manufacturing facility in India". www.eiu.com. Retrieved 2018-08-08. Xiaomi Inc plans to set up a second manufacturing unit in India to cater to a growing demand for smartphones in the Asian country, according to media reports on March 22nd, citing a company announcement.
  27. ↑ "[News] Xiaomi brings smartphone component manufacturing to India with Holitech Technology – Mi Blog". blog.mi.com. Retrieved 2018-08-08.
  28. ↑ "Smartphone Upstart Xiaomi Brings Partner to India to Curry Local Favor - Caixin Global". www.caixinglobal.com. Retrieved 2018-08-08.
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