The 'Apple of China' just announced an affordable electric bike that folds up for city living

Xiaomi, the Chinese tech giant sometimes called the "Apple of China," has branched out from smartphones and launched a bunch of "smart" devices, from an air purifier to a rice cooker. Now it's jumping into the electric bicycle market with a cheap folding model designed for city living.

The bike will cost 2,999 yuan (about $455), according to a blog post by Xiaomi's QiCycle brand, surfaced by The Verge. Xiaomi describes it as a "smart bike with a companion app that gives you real-time info on every ride you take." It includes things like GPS navigation and a calorie counter.

Here is a rundown of the specs provided by Xiaomi:

• Companion smartphone app displays in-depth info: bike status, GPS navigation, ride stats
• 250W, 36V high speed motor
• Panasonic 18650 20 x 2900mAh lithium-ion battery cells (same battery used by Tesla) with self-developed Battery Management System (BMS) that lets you go 45km on a single charge
• Shimano Nexus 3-speed hub
• Foldable and compactly lean at 14.5 kg
• Provides real-time stats: speed, distance, power, dynamic power, calories consumed

And here are some more pictures of the bike: