Xiaomi unlikely to launch its EV in India anytime soon but may revamp tablets, wearables portfolio

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₹3,000. “We have been focusing on affordability and are working closely with our production and R&D teams to see what can be developed," Sharma added. The company, which launched the Xiaomi 14 series of smartphones in collaboration with camera maker Leica, is evaluating whether it can bring the more expensive Xiaomi 14 Ultra – priced at €1,499 – to India.

It will sell the Xiaomi 14 for about ₹75,000. “We have to figure out some business partnerships and do some feasibility studies to see if we can bring [the Xiaomi 14 Ultra]," he said. The company is working with banking and finance partners for easy, interest-free payment plans to make the Xiaomi 14 more accessible to consumers in India.

With Xiaomi 14, the company hopes to break into the super-premium segment (above ₹60,000), which is dominated by Apple and Samsung. It has formed an exclusive partnership with Leica to co-develop smartphones with its camera technology. Premium smartphones make up a tiny portion of India’s $38-billion smartphone market by volume, but a large portion by value.

“It's making inroads and it's going to be a multi-year process to build up a Xiaomi brand in that segment, while Redmi will remain for the mass market," Sharma said. The two companies are also looking to introduce Leica’s camera features in cheaper smartphones, but not those priced below €500 ($543), said Kay Plaetke, strategy and business development manager for mobile at Leica. A large portion of the Indian market comprises phones priced below ₹30,000 (€300).