Xiaomi founder and CEO Lei Jun attends a launch ceremony of the brand new flagship cellphone Xiaomi Mi 9 in Beijing, China February 20, 2019. REUTERS/Jason Lee
WUZHEN, China (Reuters) – Chinese language smartphone maker Xiaomi Corp plans to launch greater than 10 5G telephones in 2020, CEO Lei Jun mentioned on Sunday, talking on the World Web convention within the japanese Chinese language city of Wuzhen.
Lei’s remarks come as the corporate faces intense competitors in its dwelling market from rival Huawei Applied sciences. Final month Xiaomi launched the Xiaomi Mi 9 Professional, the corporate’s first 5G-enabled cellphone for the home market.
In accordance with Lei, demand for the cellphone exceeded the corporate’s expectations and led to produce chain points. The machine’s reception has prompted Xiaomi to launch 5G fashions for the excessive, center, and low-end worth tiers subsequent 12 months.
“People in the industry fear that next year 4G models won’t sell, this is a step you have no choice but to take,” Lei mentioned. “So we hope that operators can speed up their expansion of 5G base stations.”
Xiaomi’s share worth has fallen steadily this previous 12 months as China’s smartphone market grows extra aggressive. In September the corporate introduced it might plan a $1.5 billion share buyback.
Within the second quarter of 2019, Xiaomi occupied 11.8% of China’s smartphone market, down from 13.9% one 12 months prior in response to analysis agency Canalys.
All different high Chinese language manufacturers suffered declining gross sales volumes as shoppers flocked to Huawei, pushed partially by patriotism. The Shenzhen-based handset maker turned the middle of U.S.-China tensions in Might when Washington successfully known as for U.S. corporations to stop supplying components to it.
Nonetheless, Xiaomi has loved success in Europe, the place it stays a comparatively new participant within the continent. The corporate’s market share within the area throughout the second quarter of 2019 hit 9.6%, up from 6.5% the 12 months prior, making it one of many quickest rising cellphone manufacturers within the area.
Reporting by Josh Horwitz and Yingzhi Yang in Wuzhen; writing by Tom Daly in Beijing; Modifying by Raju Gopalakrishnan