Today China’s Xiaomi announced its latest product—a drone priced at 2999 yuan ($456) for a model with a 4k camera, and 2499 yuan ($380) for a version with a lower resolution 1080p camera. Xiaomi says that a pre-orders will begin for the 1080p version tomorrow, while a beta version for the 4k version will be given out to select users. In true Xiaomi fashion, the device is priced astonishingly low compared to competitor models. Chinese manufacturer DJI’s Phantom 3 drone, for example, sells for $800. The drone marks Xiaomi’s most ambitious product yet, and comes at a pivotal moment for the company. Last year Beijing-based Xiaomi failed to hit its target of 100 million smartphone sales, reaching only 70 million . It also generated $564 million in “services ” revenue in 2015 (which include money made from software, media and ads), below its stated goal of $1 billion. In order to justify its $45 billion valuation, just a hair from ride-sharing Uber’s, it must do ...
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