Xiaomi hits annual target two months early, shipping 100m phones

Chinese smartphone maker Xiaomi will have shipped 100m units in 2018 by the end of October, completing its annual target two months in what is sure to be good news for the recently-IPOd company.

Founder and CEO Lei Jun announced the milestone on the companys Sia Weibo account, revealing that the firm crossed the line on 26 October. Its a considerable improvement on last year for the manufacturer, when it shipped 70m smartphones in the same period. It also beats the full year total for 2017, when it shipped a total of 90m handsets.

Xiaomi went public in June, raising $4.72bn in its intial public offering on the Hong Kong stock exchange. Since then, share in the firm have plunged by nearly 30 per cent, so news of hitting its annual target early will no doubt boost investor confidence.

The news comes just one day after Xiaomi revealed the Mi Mix 3, its latest flagship device. It is one of the most expensive handsets offered by the brand, which has typically focused on budget offerings, with a price tage of ¥3,299 (£370) for the basic design and more expensive versions costing almost ¥5,000.

After an aborted attempt to widen its international presence a few years ago, Xiaomi is once again attempting to expand into new markets. The firm has recently overtaken Samsung in India, claiming 27 per cent of the market share there compared to the South Korean companys 23 per cent, and earlier this year, it signed a deal with Three to bring its devices to European countries including the UK, Sweden, Italy, Austria and Denmark.