In a bid to boost its sales, Chinese smartphone manufacturer Xiaomi has announced that it is dropping the price of its flagship device, the Xiaomi Mi 5. The original price of the Mi 5 was about $300, but Xiaomi is dropping it to $271.

Xiaomi built considerable hype around the Mi 5 prior to its official launch. Unfortunately, when the smartphone hit the market, it was bugged with several problems which eventually led to low sales. Although Xiaomi has addressed all those bugs, the eventual fallout did not help the fate of the Mi 5.

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Xiaomi reported that the Mi 5 did not sell as originally intended, and as part of its marketing strategy to boost the market presence of the smartphone, Xiaomi decided to drop the price of its current flagship device.

Although some tech analysts agree that Xiaomi's decision to reduce the price of the Mi 5 is because it did not perform well in the market, there are speculations that the Chinese smartphone manufacturer is up to something. For some time now, the tech community has been abuzz with rumors about a mysterious Xiaomi device that will eventually replace the Mi 5. Some call it the Xiaomi Mi 5S, although the company is yet to confirm this.

According to Giz China, the updated Xiaomi Mi 5S is likely to sport a new and faster processor, along with improvements on the phone's camera sensor. The strategy to drop the price of the Xiaomi Mi 5 might be a way to clear the company's inventory ahead of the launch of the Mi 5S.

TagsXiaomi, Xiaomi Mi 5, Xiaomi Mi 5 News, Xiaomi Mi 5 specs, Xiaomi Mi 5 price, Xiaomi Mi 5 update