China’s Xiaomi unveils folding phone with home-grown chip as it takes on Apple, Huawei

Chinese tech giant Xiaomi unveiled a range of new products on Monday, including a flagship foldable phone and advancements in its chip technology. The company's 18 Fold, a foldable phone featuring a 7.58-inch inner display, proprietary Xring O3 system-on-chip (SoC), and LPDDR6 memory chips, was showcased by Xiaomi's founder and CEO Lei Jun.

The Xring O3 SoC is designed to enhance durability and performance, with a new hinge structure, high-strength aluminum frame, and strengthened cover glass. The chip's AI processor boasts 24 billion transistors, a 60% increase in CPU performance over its predecessor, and a 25% reduction in power consumption in certain tasks. The 18 Fold will be priced at 10,999 yuan (around US$1,639) and will go on sale on Thursday.

In parallel, Xiaomi is investing heavily in chip development, with 50 billion yuan allocated to the initiative over the long term. Following Xiaomi's announcement, global tech players like Huawei and Apple are also ramping up their efforts in the foldable smartphone market. Huawei unveiled its Mate XT 2, a trifold handset powered by the Kirin 9050 Pro SoC, while Apple is set to unveil its first foldable iPhone during its annual product event in California.

Despite challenges in the smartphone market, such as a global shortage of memory chips driving up component costs, foldables are a bright spot, with Counterpoint Research projecting the global foldable segment to reach over 100 million cumulative shipments by the end of the year.