TL;DR
- Xiaomi is hiking the prices of its phones and smart TVs in India by up to 6%.
- The company blames supply chain shortages for its products becoming more expensive.
Xiaomi is increasing the prices of its phones and smart TVs in India. According to wire service PTI (via Livemint), Xiaomi announced the price hike in India on Wednesday. The Chinese company said that its phones and TVs would become costlier by 3% – 6% starting July 1.
The reason for Xiaomi’s decision to hike prices in India comes at the back of a shortage of components and higher shipping costs. A spokesperson for the brand said that supply chain shortages have been prevalent since last year, also referring to the global chip shortage.
“Due to massive demand-supply mismatch, the majority of components used in smartphones, smart TV, and other electronics gadgets (chipsets, display panels, display driver, back panels, battery, etc.) have seen constant upward movement in their prices,” the Xiaomi India spokesperson added.
Xiaomi had previously implied that it would continue to optimize its hardware costs because of the unavailability of enough chips. “To be honest, we will do our best to offer the best price we can to consumers. But sometimes, we may have to pass part of the cost increase to the consumer in different cases,” Xiaomi president Wang Xiang said, discussing the company’s fourth-quarter earnings with Reuters.
Xiaomi has been quietly increasing the prices of some of its phones in India over the past few months. For instance, the Redmi Note 10 is already more expensive by Rs 1,000 since it launched in April.
The company hasn’t specified which other models of its phones and TVs will be affected, but if you’re in the market for a Xiaomi device, now might be a good time to get one before prices go up.
