Xiaomi;s scooter has arrived mere months after the giant Chinese smartphone maker acquired Segway through its smart portfolio company called Ninebot. Dubbed simply as Ninebot mini, the self-balancing scooter made its debut Monday, immediately raising expectations among industry observers because due to it being insanely cheap - at least in comparison with a Segway device.

Segways pioneered the self-balancing scooter back in 2001, but it never really lived up to the hype. The main reason for this failure is that it is expensive. Segway's cheapest model, for instance, the i2 SE, retails at $6,499. Xiaomi seeks to rectify this by taking a cue from its wildly popular smartphone devices, which are being sold at affordable price tags. The Ninebot mini hits the market at mere $2,342, according To the Wall Street Journal.

The Ninebot mini is considered smart in several ways. For instance, it does not have a handle for steering. Through the rider's leg movements, the scooter can predict the direction he or she wants to go. Also, it is used with a smartphone app, allowing users to remotely control and lock the scooter, The Verge reported. The Ninebot mini runs on electricity and could go as far as 22 kilometers on a single charge. It is capable of going 16 kilometers per hour and could even climb hills, according to Tech Crunch.

The Ninebot mini will only be available in China, for now. The new product was announced with the Android-powered Mi TV 3, which sports a 60-inch, 4K display.