(Yicai Global) Nov. 25 -- Chinese handset giant Xiaomi is expected to raise the starting price of its upcoming smartphone series by between 15 percent and 20 percent from that of the previous flagship model.

The price of the Xiaomi 13 will likely jump to CNY4,500 (USD628), mostly because of factors such as the device's upmarket positioning and costs, The Paper reported yesterday. The Xiaomi 12 series ranged from CNY3,699 to CNY4,399.

The latest phones, currently in mass production, will have four-nanometer chips, likely making them Xiaomi's best so far for performance and endurance, the Beijing-based firm said earlier.

The higher pricing also partially reflects Xiaomi's strategic shift up market. It tapped into the high-end market with the debut of the Xiaomi 10 in February 2020, and at the launch event for the Xiaomi 12, founder Lei Jun said Xiaomi will compete with Apple and gradually surpass the US tech giant.

Xiaomi's smartphone business has slowed. Revenue sank 11 percent to CNY42.5 billion (USD5.9 billion) in the third quarter from a year earlier, with global shipments down 8.4 percent to 40.2 million units, according to its latest trading report.

Scoring quick success in the high-end market with just a couple of products is unfeasible, Xiaomi President Wang Xiang noted yesterday. The company's strategy is to play slow and steady, not only focusing on hardware parameters but also user feedback, while continuing to boost the brand’s capabilities.

Editor: Martin Kadiev