Huawei, Apple, Xiaomi intensify foldable smartphone battle

On Monday, Xiaomi unveiled a range of new products, including a flagship foldable phone with its own proprietary chips, signaling an intensified push to compete with rivals like Tesla, Apple, and Huawei Technologies. Founder and CEO Lei Jun introduced the 18 Fold, a foldable phone featuring a 7.58-inch inner display, a proprietary Xring O3 system-on-chip (SoC), and LPDDR6 memory chips from ChangXin Memory Technologies.

Lei emphasized the phone's durability, citing its new hinge structure, high-strength aluminium frame, and strengthened cover glass. The Xring O3 SoC is designed for performance, boasting a 60% increase in CPU speed over its predecessor Xring O1 and a 25% reduction in power consumption for certain tasks. The 18 Fold will be priced at 10,999 yuan (US$1,639) and launched on Thursday.

While acknowledging challenges in developing its own chips, Lei disclosed a 50 billion yuan plan for chip production and a 200 billion yuan investment over the next five years to boost overall research and development. The 18 Fold launch follows a busy week for foldable smartphones, as major manufacturers ramp up their efforts. Huawei also unveiled the Mate XT 2, a trifold handset powered by its Kirin 9050 Pro SoC with LogicFolding architecture, selling from 19,999 yuan.

Apple is set to host its annual product event on Wednesday, expected to unveil its first foldable iPhone, potentially priced between US$2,099 and US$2,299. The intensified competition coincides with a challenging year for the smartphone market, as a global shortage of memory chips drives up component costs, prompting manufacturers to raise prices or trim product lines.

Global smartphone shipments are projected to decline 12.4% this year, marking the sharpest annual contraction in history. Foldable devices, however, present a glimmer of hope, with Counterpoint predicting global shipments will exceed 100 million by year-end, a 37% increase from last year, and continue growing steadily. Xiaomi also introduced new models of its extended-range Skynomad SUV series, designed for over 1,000km of travel on a single charge, priced lower than Tesla's Model Y L SUV, starting at 209,900 yuan.