Lei Jun, CEO of Xiaomi, talked about the newly launched low-cost Xiaomi phone and the company’s strategy in general at 2013 China Internet Conference today. He expects Xiaomi’s annual revenues to reach 100 billion yuan ($16 bn) in 2015, no later than 2016.

Low-cost Smartphone

Red Mi (not official translation), released in last month, is at a price less than half of that for its flagship model. Mr. Lei and his team came up with the idea of making a 1000-yuan smartphone, about half of the price of its flagship model, in July last year as they found the products by their suppliers in mainland China and Taiwan were much improved.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com