Huawei launches new foldable smartphone as competition with Xiaomi, Apple heats up

Guangzhou and Beijing saw Huawei unveil a new version of its flagship foldable smartphone on Monday, as the company seeks to maintain its lead in the Chinese market for premium handsets amidst rising competition from Apple and Xiaomi. The new Mate XT2 folds out twice to reveal a tablet-sized display and comes equipped with Huawei's latest Kirin 9050 Pro chip.

This new chip boasts enhanced computing power while consuming less electricity, a crucial advantage for Huawei in circumventing US restrictions on advanced technology supplies. Xiaomi plans to launch its own foldable phone the same day, while Apple is set to reveal its latest iPhone series on Wednesday, with strong anticipation that the tech giant will also unveil a foldable device.

China's smartphone shipments fell by 2.4% in the second quarter, as reported by market research firm Counterpoint. According to consultancy IDC, Huawei maintains a dominant position in the Chinese market, commanding a 22.6% share in Q2, surpassing Apple's 18.1%. Xiaomi trails behind with a 12.4% market share.

Notably, Huawei leads the market in folding smartphone sales, accounting for 68% of shipments in China during the second quarter, based on data from US-based research firm Smart Analytics Global.