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Xiaomi Redmi 2 costs just £70

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One of the more colourful options

Budget blower specialist Xiaomi has announced another wallet-friendly mobile, the Redmi 2.

It keeps its predecessor's 4.7-inch, 1,280x720-pixel display, but has a beefier 64-bit Qualcomm 410 quad-core processor beavering away inside, alongside 1GB of RAM and 8GB of storage.

On the back is an 8-megapixel camera, and the front sports a 2-megapixel number. It also supports dual 4G SIM cards.

It runs the Chinese mobile maker's own version of Android, and has more colour options than its predecessor. It also costs 699CNY, which is just £73. Though there's no word on whether it will be released outside of China.

Xiaomi also announced that it tripled its sales in 2014. Last year it sold 61.1 million smartphones, compared to 18.7 million the year before. It's managed this by offering decent specs at rock-bottom prices.

The firm recently became the third biggest smartphone maker in the world, knocking LG off the podium and eating into Samsung's profits. Though this position only lasted a day, as Lenovo's completed acquisition of Motorola put it back into the third spot.

Read more: Xiaomi now the world's third biggest smartphone maker

Samsung has lost a lot of ground in the last year, and recently announced it would focus on more affordable smartphones. Could it be trying to turn the tables on its Chinese rival by mimicking its business model?

Xiaomi's rise is all the more impressive when you consider it only started in 2010.

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