In an announcement that should surprise nobody, Xiaomi has entered another new market with an electric bicycle. It's called the Mi Qicycle Electric Folding Bike, and it's just launched this morning in Beijing, China. According to Xiaomi's Vincent Khoo, "Xiaomi is not a smartphone company, but we are a technology company. Why not enter another field such as transportation?" This bike folds up, runs on a rather massive battery, and comes with its own app.