One of China's largest smartphone developers has expanded into Brazil and is preparing for new markets in Mexico and Colombia.
Xiaomi has launched stage one of its Latin American expansion, making its Redmi 2 smartphone available in the South American country for $160. The device will be available for sale there beginning next week.
"We offer high-quality products at incredibly aggressive prices, so we're starting with larger developing markets where people are very price-sensitive," Xiaomi Global Vice-President Hugo Barra told Reuters.
Expansion into Mexico and Colombia is expected to follow their entrance into the Brazilian economy, which has experienced price drops for crucial resource commodities and growth in unemployment. Mexico and Colombia, respectively, are home to the second and third largest economies of Latin America.
The new Xiaomi phones will be produced in Sao Paulo by Foxconn Technology Group, Reuters also reports. The manufacturer also works with Apple to develop iPhones in the country.
"Even with the China smartphone market slowing down, we did a stellar job of posting a 33% growth on last year's numbers," Chief Executive Lei told Forbes.
"It can be said that we outperformed the market and produced an excellent report card."
Xiaomi was founded in 2010 in Beijing.
