Xiaomi to launch 10 5G phones next year

WUZHEN, Oct 20 (Reuters): Chinese smartphone maker Xiaomi Corp plans to launch more than 10 5G phones in 2020, CEO Lei Jun said on Sunday, speaking at the World Internet conference in the eastern Chinese town of Wuzhen.

Lei's remarks come as the company faces intense competition in its home market from rival Huawei Technologies. Last month Xiaomi launched the Xiaomi Mi 9 Pro, the company's first 5G-enabled phone for the domestic market.

According to Lei, demand for the phone exceeded the company's expectations and led to supply chain issues. The device's reception has prompted Xiaomi to launch 5G models for the high, middle, and low-end price tiers next year.

"People in the industry fear that next year 4G models won't sell, this is a step you have no choice but to take," Lei said.

Xiaomi's share price has fallen steadily this past year as China's smartphone market grows more competitive. In September the company announced it would plan a $1.5 billion share buyback.

In the second quarter of 2019, Xiaomi occupied 11.8 per cent of China's smartphone market, down from 13.9 per cent one year prior according to research firm Canalys.