Xiaomi VP of Marketing Tony Wei

Xiaomi says it is still confident it will sell at least 80 million phones in 2015, despite slowing market demand and rising competition.

Xiaomi vice president of marketing Tony Wei said Wednesday, “Everybody knows the competition in the market is very intense. It’s given every smartphone vendor a huge amount of pressure.”

In the first half of the year, Xiaomi sold 34.7 million smartphones. The strong performance made it China’s largest smartphone vendor in 2Q.

“This has been the most competitive year in the industry,” Wei said. However he added that Xiaomi has new products slated for release, which will help grow sales.

In August, Xiaomi released the Redmi Note 2, a 5.5-inch device that retails for 799 yuan (US$125).

Xiaomi sold 800,000 units within the first 12 hours the device was on sale.