By Che Pan and Brenda Goh

BEIJING (Reuters) -Chinese smartphone manufacturer Xiaomi on Friday said surging memory chip prices have raised the cost of making handsets, after pricing of its new Redmi K90 series drew market disappointment.

“Cost pressure has transferred to the pricing of our new products,” President Lu Weibing wrote on Weibo. “Rising costs of memory chips are far beyond expectations and could intensify.”

Xiaomi launched its entry-level Redmi K90 on Thursday with the base model, equipped with 12 GB of memory and 256 GB of storage, priced from 2,599 yuan ($364). That compared with 2,499 yuan for the base model of predecessor K80 series launched in November 2024.

Lu noted consumer disappointment about price gaps between configurations. He said Xiaomi will lower the price of

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