Xiaomi Unveils New Smartphone, Mi Note, Competes With iPhone 6

Chinese smartphone maker Xiaomi is moving upmarket and taking aim at Apple's iPhone. The Chinese manufacturer known for ultra-low-priced handsets on Thursday unveiled a new model that chairman Jun Lei says is comparable to Apple's iPhone 6 - but thinner and lighter. The phone starts at $375, less than half the $865 price tag of an iPhone 6 in China. Xiaomi's newest model, the Mi Note's price is a departure for the company, whose other models cost as little as $114. Privately held Xiaomi says last year's sales tripled to a little more than 61 million handsets. It says revenue more than doubled to $12 billion. The company, which is based in Beijing, recently completed a round of funding which values Xiaomi at $45 billion, making it one of the world's most valuable technology brands.