China’s mobile phone manufacturer Xiaomi sold 26m smartphones in the first half of 2014, according to latest figures released. The smartphone maker shipped nearly four times the seven million phones it sold in the same period a year ago. The company is predicted to sell 60m mobile phones in total this year.
Founded in 2010, Xiaomi sold 7.2m smartphones in 2012 and 18.7m in 2013. Its founder Lei Jun, known as the 'Chinese Steve Jobs', is helping the business to attract younger consumers.
Xiaomi sells handset online at extremely competitive prices with a limited marketing budget; its devices use a customised version of Android software.
In terms of sales, it is already ahead of Apple in its home market. Because of its high sales performance in China, its RedMI and Mi3 handsets were listed among the ten bestselling smartphones globally for April.
The RedMi handsets retails for $130 unlocked while the Mi3 sells for $330.
Xiaomi plans to expand its business to markets such as Malaysia, Indonesia, Thailand, India, Russia, Turkey, Brazil and Mexico this year.
The company was valued at $10bn last August.