Xiaomi is best known for making cheap, powerful smartphones but in reality, the company makes much more than just smartphones. It only sells some of its smartphones out of China and many of its other products never really leave the People’s Republic. Regardless, it has made a name for itself, and might contribute to that further by becoming one of the few Chinese OEMs that make their own processors.

It was first reported earlier this year that Xiaomi will soon start making its own processors for smartphones. No confirmation has come in from the company yet but according to a new report, Xiaomi could unveil its first homegrown processor at an event next month.

Xiaomi’s first chip is reportedly going to be called “Rifle,” and like most processors that power smartphones today, the chip is likely to be based on ARM’s licensed technology.

The chip will be against rivals from the likes of Samsung, Qualcomm, and MediaTek, so at the end of the day, it will really come down to the numbers to see how it performs against the best of them.

There are numerous advantages for Xiaomi if and when it starts making its own processors. This will reduce the cost of making phones, give Xiaomi more control over the hardware and even put it in a position to supply its homegrown processors to other OEMs as well, stealing business from suppliers like Samsung and Qualcomm.

Xiaomi is expected to unveil the Xiaomi Mi Max smartphone on May 10th, so if an announcement is due next month, perhaps it will be made during the Mi Max event.

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