Chinese smartphone manufacturer, Xiaomi, has announced an increase in the price of its recently launched Redmi Note 5 Pro and Mi LED TV 4 55-inch.
The Redmi Note 5 Pro 4GB with 64GB storage has been in great demand. The device was earlier retailing for Rs 13,999. Starting May 1, the device will retail for Rs 14,999. Similarly, the Mi TV 4 55-inch price has been increased by Rs 5,000 and it will now retail for Rs 44,999.
In a post written to Mi fans, Xiaomi explains, "We have been seeing a huge demand for Redmi Note 5 Pro and Mi LED TV 4 55. In order to ramp up supply for Redmi Note 5 Pro, we are importing a significant amount of PCBAs as our local PCBA production would only ramp up 100% by CY Q3 2018. With the recent changes in tax structure on PCBA imports and the depreciation of the rupee (by ~5% since the beginning of the year), this has resulted in a significant increase in costs for us."
The increased prices will be applicable starting May 1, 2018, on Mi.com, Mi Home stores, Flipkart and other offline stores. However, the company promises to honour all pre-orders of Redmi Note 5 Pro 4GB + 64GB already placed on Mi.com at the original price of Rs 13,999. Xiaomi hopes that with the substantial increase in the manufacturing capacity, the company would be able to do a monthly volume of one million Redmi Note 5 Pro.
The post further explains that the company is importing significantly more TVs. The recent import tax structure change and the rupee depreciation this year has contributed towards the increase in the price o the Mi LED TV 4 55inch.
Both, the Redmi Note 5 Pro and Mi LED TV 4 55-inch were launched in India in February this year. Since then, the company has not been able to meet the demand and the stocks are sold out quickly during flash sales. Xiaomi had also started taking pre-orders for the Redmi Note 5 earlier this month.
On the other hand, competition is leaving no stone unturned. Competing against the Redmi Note 5 Pro, Asus has recently launched its Zenfone Max Pro M1 running stock Android and boasting a dual camera at a starting price of Rs 10,999. In the TV segment, the Mi TV India launch was followed by smart TV launches from VU, Kodak, TCL and many more players. The VU ActiVoice 4k smart TV is available in 43-inch, 49-inch and 55-inch for Rs 36,999, Rs 46,999 and Rs 55,999, respectively.