Xiaomi's current flagship smartphone comes in three versions and the top model with 4 GB of RAM and 128 GB of storage is selling for around $410. Even at that price, the Mi 5 is on par with other, more expensive smartphones in terms of design, specifications and software.

Xiaomi is mostly known for budget smartphones, but the company has now confirmed that it is also working on more expensive smartphone. The Xiaomi's co-founder Liwan Jiang confirmed that the company has plans to launch a $600 smartphone later this year. Apart from that, not much else is known about the phone, but considering that Mi 5 costs $400 and is already impressive handset, we can't wait to hear more about this smartphone.