Chinese smartphone maker Xiaomi Corp plans to launch more than 10 5G phones in 2020, CEO Lei Jun said on Sunday, speaking at the World Internet Conference in the eastern Chinese town of Wuzhen.
Lei’s remarks come as the company faces intense competition in its home market from rival Huawei Technologies. Last month Xiaomi launched the Xiaomi Mi 9 Pro, the company’s first 5G-enabled phone for the domestic market.
According to Lei, demand for the phone exceeded the company’s expectations and led to supply chain issues. The device’s reception has prompted Xiaomi to launch 5G models for the high, middle, and low-end price tiers next year.
“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 said. “So we hope that operators can speed up their expansion of 5G base stations.”
Xiaomi’s share price has fallen steadily this past year as China’s smartphone market grows more competitive. In September the company announced it would plan a $1.5 billion share buyback.
In the second quarter of 2019, Xiaomi occupied 11.8% of China’s smartphone market, down from 13.9% one year prior according to research firm Canalys.
All other top Chinese brands suffered declining sales volumes as consumers flocked to Huawei, driven in part by patriotism. The Shenzhen-based handset maker became the center of U.S.-China tensions in May when Washington effectively called for U.S. companies to cease supplying parts to it.
However, Xiaomi has enjoyed success in Europe, where it remains a relatively new player in the continent. The company’s market share in the region during the second quarter of 2019 hit 9.6%, up from 6.5% the year prior, making it one of the fastest growing phone brands in the region.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
The Keeper’s Music unveils Neyty with new single ‘Most High God’
6 mins -
Bawumia outlines 8 initiatives to create 4 million jobs for youth if elected president
12 mins -
Over 4,000 unpaid teachers demand payment of 16 months arrears from government
26 mins -
I’ve apologised to Gloria Sarfo over flight issues – AMAA Country Director
27 mins -
Ghana nearly lost $9 billion to arbitrary claims in last four years – Attorney General
47 mins -
FWSC responds to CLOGSAG strike declaration, urges return to negotiation
1 hour -
Members contribute to ‘transport’ national team – Volleyball Vice President laments financial struggles
2 hours -
New SHS curriculum provides adaptive learning pathways – EduWatch
2 hours -
Pay NABCO trainees – Mahama challenges Bawumia
2 hours -
Police ‘waiting for court date’ on Erastus’ case is a lie – Samson Anyenini
2 hours -
Sports facilities are better managed by institutions – UG Sports Director on maintenance of Legon stadium
2 hours -
Ghanaian businesses must align vision with strategy to mitigate ESG Risks – KPMG
3 hours -
MTN achieves 30% localisation of Scancom PLC
3 hours -
Attorney-General: Some lawyers sacrifice ethics for ‘cheap’ political gains
3 hours -
Bond market: Volume up by 12.45% to GH¢746m
3 hours