Xiaomi has been teasing us with the details about its first ever quadcopter, and today the Chinese electronics company has officially unveiled the Mi Drone, which shoots 4K and costs less than $500.

The Mi Drone is one of the most inexpensive drones among its competition, offering two versions, a $460 4K model and a $380 1080p model. Compare these price tags to its biggest rival, DJI, the Mi Drone is cheaper than the 4K and 2.7K models of the Phantom 3, which are $650 and $500 respectively.

Xiaomi provided a full list of the Mi Drone's features on their live-feed today, like RAW shooting, 3-axis gimbal stabilizer, and modular design, which makes easy to transport. Users can also set a flight plan, circle around an object, set endpoints, and avoid flying into no-fly zones.

Key Features

4-propeller system with detachable shields

17.4V battery 5100mAh, 27 minutes non-stop flying

1080p or 4K UHD camera, with 104° wide-angle lens

4K camera at 3840 x 2160 pixels; supports recording of stills in RAW format

720p live video with low latency from up to 2km distance

Camera attached to a 3-axis gimbal, stabilizes up to 2000 vibrations per second

Unbelievably lightweight design

GPS + GLONASS + vision-based positioning for max precision

Autopilot options: automatic take-off + landing, waypoint flight path planning, tap to fly on map, circle an object on the ground

Intelligently detects low battery and returns home automatically

Real-time location tracking for easy retrieval even post crash

Hovers automatically at the edge of no-fly zones

Built-in PCB antenna array in remote control for maximum reach

Modular design and foldable landing gear

The introduction of the Mi Drone into the quadcopter market certainly seems to make aerial cinematography more affordable and accessible to those who may not have a grand to drop on a specialty image capture tool. But don't pull out your wallets just yet. Xiaomi says that the 4K model of the Mi Drone will enter a public beta sometime at the end of July, while the 1080p model will run a crowdfunding campaign later on.