Xiaomi, the Chinese smartphone giant, is reportedly laying off around 500 employees in India. This comes as the company faces a number of challenges, including a decline in market share and scrutiny from the local government.
According to a report in the Economic Times, Xiaomi India currently employs around 1,400 to 1,500 people. The company is planning to reduce its headcount to below 1,000.
The layoffs are reportedly being carried out in a phased manner. In the first phase, around 30 employees have already been laid off. The remaining layoffs are expected to take place over the next few months.
A Xiaomi India spokesperson confirmed the layoffs, saying that the company is “taking headcount decisions based on the market’s state and business projections.” The spokesperson added that the company will also hire on an “as and when needed basis.”
The layoffs come at a time when Xiaomi is facing a number of challenges in India. The company’s market share has been declining in recent months, and it is also facing scrutiny from the Indian government over allegations of tax evasion.
In addition, Xiaomi is facing increasing competition from other Chinese smartphone brands, such as Vivo and Oppo. These brands are offering aggressive pricing and marketing campaigns, which is putting pressure on Xiaomi’s margins.
The layoffs are a sign that Xiaomi is facing tough times in India. The company will need to find ways to reverse its declining market share and address the challenges it is facing from the government and its competitors.
Other Recent News About Xiaomi
In addition to the layoffs, Xiaomi has also been in the news for a number of other reasons in recent months. Here are a few of the most notable:
- In December 2022, Xiaomi laid off 10% of its global workforce.
- In January 2023, Xiaomi was fined by the Indian government for violating import regulations.
- In February 2023, Xiaomi was accused of stealing trade secrets from a rival Chinese smartphone maker.
These are just a few of the challenges that Xiaomi is facing in India. The company will need to overcome these challenges if it wants to remain a major player in the Indian smartphone market.