China's Xiaomi looks to new Mi 6 smartphone to spark turnaround
China's Xiaomi, once the hottest thing in smartphones, is hoping the launch of its latest flagship device will help it regain some lost ground. Overnight, the company debuted the Mi 6 in China, boasting a Qualcomm 835 chip and other high-end components for 2,499 Chinese yuan ($363).
Xiaomi has suffered greatly amid increased competition and declining sales in its home market. Last year it fell from first to fifth in the China market, with sales down 36 percent. Its market share in China went from more than 15 percent to less than 9 percent, per IDC.
What about the U.S.?: Xiaomi said the Mi 6 will roll out first in China, then to select global markets, but that's more likely to man Brazil and India than the U.S. However, the company has said its long-term intent is to sell phones here.