Xiaomi Smartphone Shipments Almost Quadruple in 2014

Xiaomi Smartphone shipments have almost quadrupled in the first half of this year, surpassing the total amount of the devices the company sold in 2013.

The company currently outsells Apple Inc. in China, shipping 26 million Smartphones in the first half of this year, almost four times the 7.03 million devices sold in the same period a year ago, Xiaomi spokesman Tony Wei said. Last year Xiaomi shipped 18.7 million units.

Sales in the first half of this year more than doubled to 33 billion yuan ($5.3 billion) from 13.3 billion yuan a year ago, Wei said. Xiaomi in April set a target to boost phone shipments to 100 million units in 2015 as the company pushes outside its home market of China and starts sales in 10 new markets including India, Brazil and Russia.

Xiaomi's valuation hit $10 billion with a fundraising round last August, the closely held company said at the time.

In the first quarter of this year, Xiaomi was the third-largest smartphone vendor in the China market, and the sixth-largest globally, according to estimates from researcher Canalys.