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Xiaomi becomes third-largest smartphone maker

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A Chinese company is now the world's third-largest smartphone maker. The company is called Xiaomi Inc. It is worth $45 billion. That is more than LG, Motorola and Sony put together. Xiaomi's sales went up by 211 per cent last year. Its market share also went up from 2 per cent to 5 per cent. This will continue.

Xiaomi sells phones for what they cost to make. It makes profit from apps and software. It has competitions for fans to win prizes. It is very popular. Xiaomi wants to make new, high-quality devices. Not everyone likes Xiaomi. Apple said Xiaomi stole the design of its iPhone and other ideas.