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The Mi 4 has a 5 inch, 1080p screen and a Qualcomm Inc
Snapdragon 801 2.5 Ghz processor, said Chief Executive Lei Jun
at a launch event in Beijing.
But sheathed in iPhone-like metal sides, the Mi 4's similarities
to Apple's smartphone drew murmurs from the crowd of 'iPhone'
when showcased by Lei.
Founded in 2010 by Lei, Xiaomi seeks to cut costs by eschewing
brick-and-mortar stores in favor of web-based distribution and
word-of-mouth marketing.
Xiaomi became the world's sixth-largest smartphone vendor in the
first quarter of 2014, according to data firm Canalys, after
repeatedly doubling its sales. The company was valued at $10
billion last year.
Xiaomi sold 18.7 mln smartphones in 2013 and on Tuesday
maintained a 60 million sales target for 2014. For comparison,
Huawei Technologies Co Ltd [HWT.UL] has said it is targeting 80
million smartphone sales for the year.
The latest phone was unveiled at a glitzy launch event at the
National Convention Center in Beijing, where Lei Jun and Vice
President Hugo Barra - a former Google executive - posed for
photos with a winding queue of fans decked in Xiaomi-branded red
T-shirts.
Barra told Reuters in an interview this month that the company
was actively targeting the Indian market.
(Reporting by Paul Carsten; Editing by Christopher Cushing)
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