Xiaomi expects to sell 40 million handsets in the coming year and in the process more than double the amount it sold in 2013.
The Chinese smartphone manufacturer has experienced high levels of growth in its home market over the past 12 months and if its projections are realised it will enter the world’s top 10 smartphone manufacturers for the first time.
"We again promise, we will at least supply 40m phones in 2014!" stated co-founder Lei Jun on the firm’s website, according to The Guardian.
Lei explained that the company sold some 18.7 million smartphones in 2013, which was a 160 per cent rise compared to 2012, and its sales revenues including taxes increased by 150 per cent to 31.6 billion yuan [£3.16 billion] in 2013.
Xiaomi is a relative newcomer compared to its peers with its first device emerging in 2011 and works by releasing its devices in small batches that regularly sell out after only an hour of being available. This was evident in the fact that its cheapest ever offering, the Red Rice, saw 100,000 devices snapped up in just 90 seconds and a further seven million reservations were made for when the device next becomes available.
Its strength was shown when it knocked Apple back into seventh place in the Chinese market in Q2 2013 when its 4.4 million devices shipped was enough for five per cent of the market. Apple, in comparison, shipped just 4.3 million iPhones, which was worth just 4.8 per cent of the market.
The year also saw the company welcome former top Android executive Hugo Barra to its team as the first non-Chinese hire and he thinks the company can hit the same heights as both Apple and Google by using the Chinese market as a springboard.
Xiaomi’s latest smartphone, the MiPhone 3, has been dubbed the world’s fastest smartphone and is powered by an impressive quad-core Nvidia Tegra 4 or Qualcomm Snapdragon 800 processor with price just 2,999 yuan [£315].