Chinese tech company launches drone today

folarin okunola

May 25, 2016 5:09 PM

Xiaomi is expected to undercut the competition by offering customers a great product at a cheaper price - a similar strategy to the one it used in the Chinese smartphone market.

One of the Flirtey delivery drones

According to media reports, Chinese mobile phone manufacturer, Xiaomi, is expected to launch its first drone today May 25, 2016.

A Bloomberg report reveals that the drone, made by FIMI Technology, will be able to record 4K video and cost about 4,000 yuan ($610).

Xiaomi is expected to undercut the competition by offering customers a great product at a cheaper price - a similar strategy to the one it used in the Chinese smartphone market.

READ: State IDs of rich, powerful people have been leaked

“While making good-quality products, the price point has to be competitive as well,” Li Zhuoqi, a marketing director for Xiaomi said. “We have set a very thin margin for drones but the product line is set to be profitable.”

Xiaomi is looking to capture a significant share of the drone market, a sector which experts expect to reach $4.19 billion by 2024.

folarin okunola

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