Xiaomi is not only a phone company but also a technology company, since they have unveiled numerous internet-connected devices such as wearables and air purifiers. Now, they have released a unique, affordable bike called QiCycle Electric Folding Bike for city commuters in China.

QiCycle is cheap, with a price tag of 2,999 yuan (approximately $455) and offers assisted pedaling for 45 kilometers (28 miles) on a single charge. It also has a smart energy management app and a companion app to record the rider's speed, distance, calories burned, GPS location, and more.

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It comes with front and rear lights built into its frame and Shimano three-speed gears. These gears are handy when the rider feels like doing some unassisted pedalling.

QiCycle can fold down into a relatively compact package, weighing 14.5 kilograms (32 pounds) and making it easy to stow away. It has a 250-watt motor that can reach 20 kilometers per hour (12.4 miles per hour) as its top speed.

Twenty 2900 mAh Panasonic batteries power the bicycle.

Xiaomi designed QiCycle as the perfect bike for city commuters to use for navigating the crowded cities of China, where there are currently more electric bikes than there are cars on the road.

Xiaomi has a more expensive bike called QiCycle R1, but is a non-foldable electric bike that costs around $3000 and has the same functionality as the cheaper, foldable electric bike. Startup iRiding made this expensive bike and is a company Xiaomi has invested in.

Rumours suggest that iRiding built the electric folding bike; however, Xiaomi has not confirmed this.

TagsXiaomi QiCycle, Xiaomi cheap foldable electric bike, Xiaomi QiCycle R1, QiCycle, QiCycle R1, Xiaomi, iRiding