Xiaomi, Huawei, and Honor simultaneously raised prices across multiple smartphone models on September 1. Price increases reached up to 1,000 yuan on specific devices. This represents the second collective price hike by major Chinese manufacturers within a single month.
Rising costs for upstream components like memory chips and SoCs drove the adjustments. High demand for AI computing and restricted production created a supply-demand imbalance in the memory market. Xiaomi President Lu Weibing previously predicted that memory costs would remain elevated through late 2024.