Don’t look now, but Xiaomi is going global — big-time. According to a senior manager of the company, the Chinese tech giant is set to ramp up efforts on global expansion, with the strategic goal of becoming a “local player,” CGTN.com reported.
Speaking of Xiaomi’s overseas expansion, Chew Shouzi, senior vice president of International and CFO at Xiaomi said: “Abide by the local rules and operate like a local player.”
The company is already present in 90 countries around the world and has employees of about 40 nationalities. Xiaomi’s revenue in the first three quarters of 2019 came close to US$10 billion, the report said.
“All of this is achieved within a span of the last four to five years. So it’s been a very exciting journey. And we expect that in the next few years, we’re going to continue to invest in our international expansion in western Europe and also across the rest of the markets.”
Chew projected that 5G technology would be the theme of 2020, particularly in China, the report said.
The smartphone maker, known for launching full-featured phones with affordable price, launched its first 5G handset in China in the last quarter of 2019, the report said.
“We believe that is the beginning of the 5G era for the mass market. So for 2020, the big story for us, within China and within the handset business, it is going to be around 5G,” said Chew.
The company also plans to step into the premium segment. “In this regard, we are investing more and more of our resources in expanding our western European market, where a lot of premium demand is coming from,” he said, adding “We will continue to invest in R&D innovation so we can bring more premium products to people around the world.”
Xiaomi is now the fourth largest smartphone player, with an annual growth of 90% in the western Europe smartphone market, the report said.