Tag: Xiaomi Domestic Value Addition

Highlights • Xiaomi India, country’s leading smartphone and smart TV brand,partners with Optiemus Electronics Limited (OEL) to strengthen its ‘Make in India’ journey. • Targets 50% increase in Xiaomi’s domestic value addition by 2025 Xiaomi India, country’s leading smartphone and smart TV brand, has announced the partnership with Optiemus Electronics Limited (OEL) to strengthen its ‘Make in India’ journey. This collaboration signifies a larger initiative in the AIoT domain, commencing with the localization of wireless audio products. Through this partnership, Xiaomi begins the production for its first locally manufactured audio product at the OEL factory situated in Noida. Through expansion of operations and manufacturing partnerships with domestic champions in the segment, Xiaomi has strengthened its commitment to India, while fostering economic growth and generating employment opportunities. The company is targeting a 50% increase in smartphone domestic value addition over the next two years. This collaboration demonstrates Xiaomi's dedication to producing high-quality products, contributing to the growth of domestic manufacturing in India, and bolstering its efforts in democratising technology for the massive. Muralikrishnan B, President, Xiaomi India said, “This partnership with Optiemus Electronics Limited marks a major milestone in our efforts to accelerate our localization of products and components to bring out high-quality devices that will be ‘Made in India,’ at honest pricing. We are committed to forging more such collaborations for a wider range of categories, across our product line-up.” Commenting on the association, Nitesh Gupta, Director, Optiemus Electronics Limited said, “We are happy to partner with Xiaomi India and contribute to their vision of localisation. Xiaomi is one of the leading players in the Indian electronics ecosystem and is known for its path breaking technology, so this partnership is a significant testimony to Optiemus Electronics’ expertise and growing capabilities. We look forward to delivering great value through state-of-the art infrastructure to manufacture Xiaomi products.” With a focus on bringing alive innovation for everyone, under the new partnership Xiaomi India aims to bring forth advanced technology at honest pricing to the Indian market, further strengthening its position as a key player in the Indian electronics industry. Xiaomi India partners with Optiemus to manufacture audio products locally Xiaomi India, the subsidiary of Chinese electronics company Xiaomi, announced on Monday that it has started local production of audio products in partnership with Noida-based Optiemus Electronics Ltd. The company said that this is the beginning of a “larger initiative" in the Artificial Intelligence of Things (AIoT) domain. Xiaomi also said that it is targeting a 50% increase in smartphone domestic value addition over the next two years and strengthen its position as a “key player" in the Indian electronics industry. The company has in the past claimed that 99% of its smartphones and 100% of its smart TVs sold in India are locally made. “This partnership with Optiemus Electronics Ltd marks a major milestone in our efforts to accelerate our localization of products and components to bring out high-quality devices that will be ‘Made in India,’ at honest pricing," said Muralikrishnan B, President, Xiaomi India. He added that the company will make more such collaborations for a wider range of products. India has been a key market for Xiaomi, but the company has seen a steep decline in smartphone shipments in the last two quarters due to the economic downturn and the slump in consumer demand. According to IDC India, Xiaomi slipped from the top to fourth position in Q1 2023 with a 41% year-on-year (YoY) decline in shipments. Globally, its quarterly revenue declined 19% for the quarter ending March. Xiaomi is reportedly looking to expand its presence in offline stores as it looks to stem further decline in smartphone shipments. Optiemus is one of the leading manufacturers of wearable devices, including smartwatches and wireless audio products, for brands such as Noise, Boult Audio, and Harman. In February, Optiemus told Mint that it is looking to double its manufacturing capacity for true-wireless (TWS) headphones, from half a million units per month to a million per month this year to meet the growing demand. It also makes mobile phones, telecom equipment, and in March announced plans to manufacture 4G laptops at its Noida factory. “We are happy to partner with Xiaomi India and contribute to their vision of localization. We look forward to delivering great value through state-of-the-art infrastructure to manufacture Xiaomi products," said Nitesh Gupta, Director, Optiemus Electronics Ltd. Even though demand for smartphones and laptops has declined, the wearable market in India continues to grow in double digits. To be sure, India shipped 25.1 million wearable devices in Q1 2023 at a growth rate of 80.9% YoY. The wearable market is largely dominated by Indian brands such as Boat Lifestyle, Fire-Boltt, Noise, and Boult Audio. Xiaomi Strengthens ‘Make in India’ Commitment with Localized Audio Product Production Xiaomi, in collaboration with Optiemus Electronics Limited (OEL), has commenced local production of its first audio product at the OEL factory in Noida. This partnership reflects Xiaomi’s dedication to India’s economic growth and job creation, fostering domestic manufacturing through operational expansion and partnerships with local industry leaders. Promoting Domestic Value Addition. Xiaomi aims to achieve a 50% increase in domestic value addition for smartphones within the next two years. This commitment underscores the company’s focus on delivering high-quality products and supporting the growth of domestic manufacturing in India, while making technology accessible to the masses. Advancing Technology for All With a strong emphasis on innovation for everyone, Xiaomi India aims to introduce advanced technology at affordable prices to the Indian market. This partnership further solidifies Xiaomi’s position as a key player in the Indian electronics industry. Faqs 1) What do we know About Xiaomi Corporation? Ans) Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an IoT platform at its core. Embracing our vision of “Make friends with users and be the coolest company in the users’ hearts”, Xiaomi continuously pursues innovations, high-quality user experience and operational efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology. Xiaomi is one of the world’s leading smartphone companies. According to Canalys, the company’s market share in terms of smartphone shipments ranked No. 3 globally in 2022. In December 2022, MAU of MIUI reached approximately 582 million globally. The company has also established the world’s leading consumer AIoT (AI+IoT) platform, with 589 million smart devices connected to its platform as of December 31, 2022, excluding smartphones, tablets and laptops. Xiaomi products are present in more than 100 countries and regions around the world. In August 2022, the company made the Fortune Global 500 list for the fourth time, ranking #266, up 72 places compared to 2021. Xiaomi is a constituent of the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index and Hang Seng China 50 Index. Xiaomi India is the number 1 smartphone player since Q3 2017 IDC Quarterly Mobile Phone Tracker report. 2) Everything aboutAbout Optiemus Electronics Limited? Ans) Optiemus Electronics Limited (OEL), engaged in the business of electronics manufacturing in India, provides end-to-end solutions to global and Indian brands encompassing world class manufacturing, supply chain management and repair/refurbishment. OEL also has a strategic partnership with Wistron Infocomm Manufacturing (India) for manufacturing electronics, creating a joint hub in India for Design Solutions, Product Development and smart manufacturing. OEL has two state-of-the-art manufacturing units in Noida, Uttar Pradesh. With a highly experienced team and winning attitude, OEL has won the trust of many Local as well as global brands, maintaining its commitment towards Quality, Timely Delivery, Flexibility as well as Customer Satisfaction. Also Read: Xiaomi Pad 5 New Price In India Ahead Of Xiaomi Pad 6 Launch on June 13: Grab The Upto Rs 1000 Offer Now Also Read: Xiaomi Pad 6 spotted on Geekbench with Snapdragon 8+ Gen 1: Check Launch Timeline, Specifications & More

Tag: Xiaomi Domestic Value Addition

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