Chinese tech giant Xiaomi reasserts goal to compete against Apple’s iPhone, but downplays ambition to become world’s largest smartphone vendor
- Xiaomi founder and chief executive Lei Jun said using Apple’s iPhone as a benchmark will enable the company to ‘catch up and beat it one day’
- He indicated that aiming for the high-end segment of the smartphone market forces Xiaomi to seek breakthroughs in technology
In his three-hour one-man show, 53-year-old Lei – with a net worth of US$10.2 billion as of August 15, according to Forbes – was cheered on by an audience of about 3,500, as he shared personal stories and reasserted Xiaomi’s commitment to go after Apple in the premium end of the smartphone market.
“Competition is extremely fierce in the consumer electronics industry,” he said. “Aiming for the high-end [of the smartphone market] forces us to seek breakthroughs in technology, while ensuring our future development and survival.”
Xiaomi, meanwhile, found itself tied in fifth place with a resurgent Huawei last quarter.
While Lei has attempted to paint Xiaomi as a major rival to Apple, the Chinese company’s total market capitalisation of HK$297.05 billion as of Tuesday pales in comparison to Apple’s market cap of US$2.82 trillion as of Monday. Xiaomi will release its second-quarter financial results on August 29.
In his speech on Monday, Lei said Xiaomi had an “extremely painful, but also fruitful” experience competing in the high-end segment of the smartphone market, which represents handsets priced above US$600, after its initial two premium models – the Xiaomi 10 and 11 – failed to meet sales expectations.