Xiaomi just launched their first electric foldable bicycle Mi Qi CYCLE. Previously, the company also released high-quality and affordable smartphones, smart rice cooker, and drones.

The Xiaomi Mi Qi CYCLE electric folding bicycle comes with a 250W, 36V motor and 20 Panasonic lithium-ion batteries. This same set of batteries are also found in Tesla Motors products.

Aside from Xiaomi Mi Qi CYCLE electric folding bicycle's own battery system, the company has promised that it will take its users anywhere within a 45 kilometer radius on a single charge. The Mi Qi CYCLE reportedly is a great option for urban commuters as it is recognized as an efficient alternative to the electric skateboards that people in China often use, Tech Crunch reported.

The Xiaomi Mi Qi CYCLE electric folding bicycle has an app that informs the basic components of the journey such as speed, distance, calories burned, status and a GPS data. The IDbike Torque Measurement Method that is created by Xiaomi, uses special sensors to optimize the efforts being put on pedaling. The technology implies that bikers do not have to pedal so hard to achieve the desired speed, Engadget reported.

Like the Mi Drone and other Xiaomi products, the bike is initially crowd funded in the Mi Home app. The bike is not publicly released just yet because the required quota of number of users who have signed up and agreed to buy it first has not been met. The release process is similar to the strategy of how kickstarter projects work by reaching its quota for sure buyers before being funded.

The bike is part of the Mi Ecosystem which is designed to help market other products from partner organizations. Xiaomi has third party collaborations, but sell products through their own channels like Mi.com. The Mi Ecosystem is intended to broaden this market to accommodate different products like the bicycle.

Xiaomi Mi Qi CYCLE electric folding bicycle will reportedly be sold for $455 with limited access to China residents only.