Fast-moving Chinese devices company Xiaomi said that the first 100,000 batch of its Mi3 smartphones sold out in “one minute and 26 seconds”, following availability on Tuesday.

Announced last month, Mi3 is powered by either a quadcore Nvidia Tegra 4 processor (China Mobile TD-SCDMA version) or quadcore Qualcomm Snapdragon 800 (WCDMA version).

It has a 5-inch full HD display and a 13 megapixel camera. It is powered by the MIUI V5 platform, a variant of Android used by Xiaomi.

And it is not expensive, costing CNY1,999 ($328) unsubsidised.

Xiaomi was reported to be looking for sales of 15 million handsets this year, and having shipped 7 million in the first half, was well on its way to achieving this.

TNW this week said that the vendor is now believed to have upped its target to 20 million.

Xiaomi also noted that its sales in the first half of 2013 exceeded its full year sales in 2012, at CNY13.3 billion.