Xiaomi Mi3

While other manufacturers are facing waning sales and a decline in year on year growth, Xiaomi is breaking its own sales records. Earlier today, co-founder Bin Lin announced on Facebook that Xiaomi sold 26.1 million smartphones in the first half of 2014, which amounts to a 271 percent increase from the same period last year.

Xiaomi is already ahead of the 18.6 million handsets it sold in 2013, and is on its course to achieve the 60 million sales target for this year. Lin also mentioned that the uptick in sales resulted in a revenue increase of 149 percent from the same time last year, with Xiaomi pulling in CNY33 billion ($5.3 billion) in 2014. The Chinese vendor has managed to carve out a niche for itself with devices like the Mi 3, which offers specs similar to that Galaxy S4 for half the price.

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Xiaomi has been expanding to other countries this year, setting up shop in Singapore, followed by Malaysia, the Philippines, Hong Kong, Taiwan and is set to launch in India later this month.

Do any of you use Xiaomi's products? Do you think the smartphone manufacturer will be able to challenge the likes of Samsung anytime soon?

Source: Xiaomi