It's no secret that Xiaomi is working on its first chipset to further reduce cost of making mobile devices. The Chinese smartphone manufacturer started making its own chipset back in 2015 and they finally have something to show. The first chipset will be released later this month under the Pinecone series.

Two versions are reportedly in the works, one for the mid-range market and the other for higher-end phones. This move will help Xiaomi to break its reliance on the likes of MediaTek and Qualcomm, of whom it currently sources processors.

The first phone with the Pinecone will be the Mi 5C, but it will launch with the lower-end V670 model, while the V970 is expected to power high-end phones.