Founder Lei Jun says Xiaomi wants to be the world’s top smartphone maker in three years’ time

Xiaomi, which released its first handset 10 years ago, aims to become the world’s largest smartphone vendor in three years’ time, its founder and CEO Lei Jun said on Tuesday night.

The ambitious target was announced just ahead of the company’s launch of its flagship Mi Mix4 smartphone, which is priced at 4,999 yuan (US$771).

Xiaomi, which has gained ground as Huawei Technologies Co has lost market share under the pressure of US trade sanctions, has surpassed Apple to become the world’s No. 2 mobile brand behind Samsung Electronics, and Lei said Xiaomi’s current priority is to enhance and consolidate this position.

Lei, recalling Xiaomi’s journey to becoming a leading high-end smartphone maker, said Xiaomi’s first generation phone was actually high-end but the success of its value-for-money budget brand Redmi had made consumers identify the company more with the low to mid-tier segment.

The company refocused on high-end smartphones three years ago to develop the Xiaomi 10, which was officially launched in February 2020. Hit by the pandemic, Lei said executives had worried a lot about sales but the company had actually come through strongly with shipment volumes of over 5.77 million as of August, more than double an original target of 2 million.

Meanwhile, Xiaomi earlier said it had signed sprinter Su Bingtian, the first Chinese to qualify in the men’s 100m final at an Olympics, as its brand ambassador.

Sun became a national hero after he qualified for the finals in Tokyo, even though he did not win a medal. He was dubbed Asia’s fastest runner after he won the men’s 100-meter final at the Asian Games in Jakarta in 2018.