Chinese smartphone manufacturer Xiaomi plans to launch over ten 5G smartphones in 2020, chief executive Lei Jun said Sunday, speaking at the World Internet conference within the eastern Chinese city of Wuzhen.
Lei’s comments come as the company faces intense competition in its domestic market from rival Huawei Technologies. In September, Xiaomi launched the Xiaomi Mi 9 Pro, the corporate’s first 5G-enabled smartphone for the local market.
Per Lei, demand for the smartphone exceeded the company’s expectations and led to supply chain challenges. The device’s reception has pushed Xiaomi to launch 5G models for the high, middle, and low-end price ranges in 2020.
Xiaomi’s share price dropped steadily in 2018 as China’s smartphone industry becomes more competitive. In September, the company declared it would plan a $1.5 billion share buyback.
In the second quarter of 2019, Xiaomi obtained 11.8% of China’s smartphone market, down from 13.9% one year prior, according to research agency Canalys.
All other top Chinese smartphone manufacturers suffered sinking sales volumes as consumers thronged to Huawei, driven partly by patriotism. The Shenzhen-based handset maker became the center of U.S.-China spats in May when Washington effectively called for U.S. corporations to stop supplying components to it.
However, Xiaomi has enjoyed success in Europe, where it stays a relatively new participant in the continent. The corporate’s market share in the area during the second quarter of 2019 hit 9.6%, up from 6.5% a year ago, making it one of the fastest rising smartphone manufacturers in the area.