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Xiaomi sold 34.7M phones in H1 2015; Can it reach the 100M target?

Chinese smartphone manufacturer Xiaomi claimed that it sold 34.7 million phones in the first half of 2015 (H1 2015), registering a 33% year-on-year (YoY) growth over H1 2014. It’s worth noting that Xiaomi CEO Lei Jun had recently claimed that the company was targeting 80 million to 100 million phone sales in 2015. That now seems unlikely, if sales continue at this pace. He had also claimed that the company was targeting revenues of $16-32 billion for the year.

However, it needs to be kept in mind that Xiaomi’s biggest market, China witnessed a 4% YoY contraction and a 8% quarter-on-quarter (QoQ) contraction of its smartphone market, according to an IDC report. This was the first YoY contraction in 6 years. Xiaomi had a 13.7% market share in the Chinese smartphone market, behind Apple with a 14.7% market share, in Q1 2015. Another thing that needs to be pointed out is that the 34.7 million phones sold denote the number of phones actually sold to customers and not devices shipped to retailers.

Xiaomi co-founder Bin Lin had claimed that they sold 61.12 million smartphones in 2014, up 227% YoY. The revenues also grew by 135% to CNY74.3 billion (around $12 billion) for 2014. Xiaomi had reported a profit of $56 million in 2013 on revenues of $4.3 billion, although it did not disclose its profit in 2014.

The Beijing-based company is currently operational in India, Taiwan, Hong Kong, Singapore, Malaysia, the Philippines, and Indonesia, besides China. It recently started selling in Brazil as well, starting with the Redmi 2. Earlier in the year, the company had opened its official US online store, though it currently only sells accessories and not smartphones.

Xiaomi in India

In December last year, Xiaomi’s India head Manu Kumar Jain had claimed that they had sold one million handsets in India since its launch in July. However, we haven’t heard anything more in this regard since then. The company had also revealed plans to start making its smartphones in India as it continued to struggle to match consumer demand. At the time, Barra had told Bloomberg that production in India will likely begin in a year or two. Last month, Taiwan based electronics contract manufacturing company said it will start making Xiaomi phones in Andhra Pradesh, India, though no specific date was mentioned.

Earlier this year, Xiaomi ended its exclusive deal with Flipkart and started selling on Snapdeal and Amazon India as well. It also launched its online store in the country.

In April, Xiaomi launched its fifth handset in India, Mi 4i, about 2 months after the launch of the Mi4. The company has adopted a single device strategy in India to address high consumer demand. It focuses on one device at a time and discontinues the sales of previous handsets. It had stopped selling Mi3 when Redmi 1S was launched and stopped Redmi 1S sales to focus on Redmi Note.

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