On September 10, Huawei launched the world’s first triple-folding smartphone, the Mate XT, positioning itself as a technological leader in the foldable phone market. Priced at $2,800, over three times the cost of the latest iPhone 16, the Mate XT aims to attract high-end consumers and showcases Huawei’s innovation prowess. At the Shenzhen launch, Richard Yu, Huawei’s executive director, proudly introduced the device, stating, “Today we will once again rewrite the history of the industry, turn science fiction into reality, and lead a new era of folding devices.”
Equipped with AI capabilities such as text summary, translation, and photo editing, the Mate XT operates on Huawei’s proprietary Kylin chips. Despite the hefty price, Huawei has received over 4 million pre-orders, reflecting significant consumer interest. The phone, which features a unique accordion-style triple-fold design, will officially go on sale on September 20.
Challenging Apple in China’s Market
Huawei’s Mate XT launch comes just hours after Apple’s announcement of the AI-focused iPhone 16. While some analysts believe the Mate XT will not significantly dent Apple’s market share in the premium phone sector, others highlight its potential to strengthen Huawei’s position in the foldable phone market. “It will fortify its position as a leader in the foldable phone sector among consumers,” remarked Toby Zhu, senior analyst at Canalys.
Despite the economic slowdown, the purchasing power of affluent Chinese consumers remains strong, indicating that the Mate XT could appeal to a niche market segment. Meanwhile, Apple has faced criticism in China for its lack of AI features in the new iPhone, with users questioning its value. Apple’s shares dipped 1.15% in pre-market U.S. trading, further underscoring the shifting market dynamics.
Navigating Sanctions and Market Leadership
Huawei’s new phone underscores its resilience in the face of U.S. sanctions that have previously disrupted its supply chain and smartphone business. The company has made a comeback with smartphones powered by domestically produced chips, regaining its status as a significant player in the market. Huawei is currently the top seller of foldable phones in China, holding over 50% of the market share in the first half of 2024, and the global leader with a 27.5% share.
The global foldable smartphone market saw a 57% increase year-on-year, reaching 3.9 million units shipped in the second quarter. Although this remains just 1.3% of the total smartphone market, Huawei’s continued innovation could reshape the future of mobile technology. As Will Wong, senior researcher at IDC, noted, “The new phone is telling consumers that it’s still the tech leader, and the potential challenge it brings to Apple may be far beyond just market share.”
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With its new Mate XT, Huawei has set a high bar in the foldable phone market, showcasing its ability to innovate and compete globally. The device’s features, coupled with a robust pre-order response, reflect consumer interest despite its premium price. As the tech race between Huawei and Apple intensifies, Huawei’s strategic push into advanced AI and foldable technology might well define the future of the global smartphone market.