Economic review

Xiaomi plans to double revenue in 2018

2017-12-07 09:07:00 (Beijing Time)         Shanghai Daily

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Xiaomi aims to double overseas revenue in 2018 by expanding in areas such as India and Europe, as well as possible new business in the United States.

The company is "seriously preparing" to enter the lucrative U.S. market, Xiaomi chairman Lei Jun told a Qualcomm tech conference in the U.S. yesterday.

He said a further announcement would be made about the U.S. plans.

He said Xiaomi plans to invest heavily on research, its eco-system and new advanced manufacturing. The company has established a 12 billion yuan ($1.8 billion) fund for the Internet of Things and new materials.

Xiaomi's global revenue is expected to jump 300 percent year on year in 2017 and about another 100 percent next year, Lei said on the sidelines of Qualcomm's Snapdragon Tech Summit.

Xiaomi has taken the No. 1 position in India, the world's second largest market only after China and is one of the top five players in 12 overseas smartphone markets, including Russia, Greece and Singapore.