Xiaomi cited the rise of import duty for PCBAs and rupee depreciation as the reason behind the price hike.
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The Xiaomi Redmi Note 5 Pro is surely a popular device. The phone keeps going out of stock every time there is a flash sale. However, to accommodate the higher demand, Xiaomi announced it is ramping up the import of PCBAs in India, due to which, there will be a increase of Rs 1,000 to cover the costs.
Xiaomi recently opened a PCBA manufacturing facility in collaboration with Foxconn in India, but Vice President Manu Kumar Jain said that the facility would only ramp up by 100% in the third quarter of 2018. As a result, with the recent increase in import duties for PCBAs and the the depreciation of the rupee by around 5 percent since the start of 2018 has led to the price of the smartphone to be hiked.
The company said that with the increase in supply of components, one million units of the Redmi Note 5 Pro (review) could be sold.
The Redmi Note 5 Pro 4GB+64GB by Rs 1,000 toXiaomi hikes price of Redmi Note 5 Pro by Rs 1,000, Mi TV 4 by Rs 5,00Rs 14,999 starting Tuesday, May 1, 2018 on mi.com, Mi Home Stores, Flipkart and other offline retail stores.
Xiaomi said it would be honouring all pre-orders of the Redmi Note 5 Pro placed already on mi.com at the original price of Rs 13,999.
The Redmi Note 5 Pro, however, is not the only Xiaomi product to receive a price hike. The price of the 55-inch Mi LED TV 4 (review) have also been hiked by Rs 5,000 citing additional import duties and rupee depreciation. The TV will now be priced at Rs 44,999 starting Tuesday, May 1, 2018 across Mi.com, Mi Home and Flipkart.
Mi fans! In order to ramp up supply for #RedmiNote5Pro & #MiTV4 (55), we're marginally increasing the prices. This is because of the recent changes in PCBA import taxes & INR depreciation.— Manu Kumar Jain (@manukumarjain) April 30, 2018
This will help us bring more units to all of you!
Read more: https://t.co/T6aykphV0q pic.twitter.com/3NrgS4sxFd
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