Xiaomi aims for 100b yuan in sales
Smartphone maker's chief confident on target that requires quadrupling of revenue by 2015
Mainland smartphone maker Xiaomi aims for at least 100 billion yuan (HK$127 billion) in sales by 2015, about four times its expected revenue this year, chief executive Lei Jun said.
The Beijing-based handset maker and internet startup would very likely exceed its target of 15 million phones and 26 billion yuan in revenue this year, said Lei, its founder, dubbed "China's answer to Steve Jobs".
"It is quite clear inside the company [what our innovations are really about], but many people outside don't seem to see it yet … I think when Xiaomi generates 100 billion yuan in sales, everyone will understand what about our business model is truly innovative," he told a seminar at China Internet Conference 2013 in Beijing.
Lei said about 17 million Xiaomi phones had been shipped since the firm was founded three years ago.
"Maybe it's hard to comprehend how a three-year-old company will … make around 100 billion yuan in its fifth or sixth year, because there aren't many companies like that in the world," he said.
The firm sold 100,000 of its new 799-yuan Hongmi phones in 90 seconds on Monday and took 7.45 million reservations.