Apple is literally on the top of the world, having recently broken all its previous records in terms of sales and profits. In fact, the company became the first in the world to have a market value of $700 billion. Yet, there are those who believe that the Cupertino-giant is vulnerable against emerging Chinese brands like Xiaomi. While Apple CEO Tim Cook acknowledges the growing competition, he s not very worried. Also Read - New iPhone SE to be the most affordable 5G phone from Apple, to launch in 2022Also Read - MIUI 13 design teased ahead of launch via latest MIUI File Manager update
Speaking at the Goldman Sachs technology conference, Cook said, We’ve always had stiff competition. We always will have stiff competition, this will make us better.” Also Read - Mi 11 Lite first look: A OnePlus Nord CE competitor, is it?
We’ve always fought against strong competitors, it was Microsoft in computers and in phones it was Nokia and BlackBerry. With iPad, it was more why are you doing this product? We’ve always had stiff competition. So this isn’t something we lose sleep over. If we make great products, it will take care of itself, Cook added.
It isn t surprising that Xiaomi is seen as one of the chief rivals for Apple. The smartphone maker was founded just four years ago, but its rise has been meteoric to say the least. The company is now valued at a whopping $45 billion, and it reigns supreme in the China market. In the global scheme of things too the company is among the top-five smartphone makers in terms of smartphones shipments.
Xiaomi has formed a sort of cult following in emerging markets like China and India. Its smartphones are of high quality, and feature top of the line specifications, yet won t burn a hole in your pockets.