Huawei launches new foldable smartphone

Huawei unveiled its new flagship foldable smartphone series, the Mate XT2, on Monday, aiming to maintain its dominance in the Chinese premium handset market against Apple and Xiaomi. These phones fold twice to form a tablet-sized display, powered by Huawei's latest Kirin 9050 Pro chip.

However, the high starting price of 19,999 yuan ($2,980) and up to 24,999 yuan ($3,725) for the top model presents a challenge, as memory costs have surged. Huawei Executive Director Richard Yu acknowledged the cost pressure during a press conference, highlighting the company's adoption of new technologies and its LogicFolding architecture as part of the Tau Scaling Law to counter US restrictions on advanced technology access.

Xiaomi plans to release a rival foldable phone later the same day, while Apple is set to introduce its latest iPhone series on Wednesday, with expectations that it too will unveil a foldable device. Huawei is the sole major brand currently selling a tri-fold phone, though it is banned from the US market due to a national security risk designation by Washington.

South Korean electronics giant Samsung launched a tri-fold phone in December but reportedly discontinued sales after three months. In July, Samsung expanded its foldable offerings with a passport-sized device. According to consulting firm IDC, Huawei holds a 22.6% share of China's smartphone market in the second quarter, surpassing Apple's 18.1%, and Xiaomi follows with 12.4%.