Xiaomi, Inc., China's largest smartphone maker, continues to diversify into non-traditional terrain with the unveiling of its "Mi Qicycle," an electric folding bicycle.

This "smart bike" is priced at $450 (2,999 yuan) and sold only in China. It's smart because it comes with GPS navigation built-in. There's also a companion app via Bluetooth that displays data such as speed, distance and calories burned.

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A small LED display on the handlebars displays some of this information. It can also be used to toggle between the Fitness, Power-Saving, Balanced and Extra Power modes.

Mi Qicycle weighs in at 14.5 kilograms. It comes with a Shimano Nexus three-speed gear hub and a 250 watt (36 volt) motor that offers pedal assist.

The motor can keep the bike going for up to 45 km (28 miles) on a single charge of its 20 Panasonic lithium-ion batteries. The bike can easily be folded to half its size.

Mi Qicycle is the second product from the Xiaomi-backed startup, iRiding based in Taiwan.  The startup marketed premium Qicycle R1 last March priced at a hefty $3,000 (19,999 yuan).

The smart bike, however, is still being crowd funded inside Xiamoi's Mi Home app and won't make it to market until a certain number of people agree to buy it.

TagsXiaomi, Mi Qicycle, iRiding