05-25-2016, 12:04 PM
Xiaomi Corp., the Chinese smartphone maker that challenged Apple Inc. with sleek designs and low prices, is planning to introduce its first drone at a price more than 20 percent below a comparable product from market leader SZ DJI Technology Co., according to a person with direct knowledge of the matter. The drone, made by FIMI Technology, will record high-resolution 4K video and cost about 4,000 yuan ($610), the person said, asking not to be identified as the details are private. That compares with $799 for the Phantom 3 4K device on DJI’s website.
Xiaomi Pricing Its First Drone at $610 in Challenge to DJI - Bloomberg
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Xiaomi is joining the crowd of upstarts in the drone market, hoping to take share from Shenzhen-based DJI, the leading seller of consumer devices. Today drones are still largely novelty items, with sales expected to reach almost 4 million this year and forecast to rise to 16 million by 2020. Newer players are targeting the lower-tiered part of the market, such as Syma Toys and Hubsan. Xiaomi is betting that it can capture a part of the consumer drone market that Grand View Research expects will reach reach $4.19 billion by 2024.
Xiaomi Pricing Its First Drone at $610 in Challenge to DJI - Bloomberg