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On 29th November 2019, the Xiaomi group held a conference for the third quarter of 2019. Lei Jun, the billionaire co-founder of Xiaomi, stated in the conference that he believes that an affordable 1000 Yuan ($142) 5G smartphone will be available in the market by 2021. He also stated the true transition to 5G networking is just 3-4 years away for the people of China.
Notably, Xiaomi is expected to release over 10 smartphones in 2020 that are capable of 5G networking; and in general, it is estimated that the penetration rate of 5G mobile phones will be around 40 percent to 50 percent in the Chinese market alone. The Chinese tech giant aims to provide affordable priced 5G smartphones during this time. Additionally, the 5G smartphone market is expected to boom in the next 3-4 years which Xiaomi can capitalize on. This is further made possible by the company’s good cash flow and sufficient inventory which lays a good foundation to build the 5G business on as well.
The smartphone manufacturer released its financial report for the third quarter of 2019. In the report, the average selling price (ASP) of Xiaomi smartphones increased by 4.6 percent in China. Furthermore, it also announced that the company is pushing ahead with the development of 5G smartphones. Knowing Xiaomi, it is not farfetched to assume a 1000 Yuan 5G smartphone might just be available in two years’ time.
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