Xiaomi launches a smart folding bicycle for China's busy city roads

Chinese company Xiaomi is launching an electric-powered folding bicycle for the country's congested city roads. Mi QiCycle Electric Folding Bike hasn't been developed by Xiaomi itself, but by iRiding, a Taiwanese company backed by Xiaomi. 

Priced at $455 (2,999 yuan), it is only available in China, with no word about its launch in other countries. Electric bikes are big business in China, with annual sales exceeding that of cars.

"As more people move to the edge of towns and cities, traffic congestion may get worse. Many people will drive their cars into the city centre to get to work," Xiaomi says in its statement. "How you wish you have a bicycle with you right now?"  Read more...