Chinese technology giant Huawei has launched the second generation of its trifold smartphone priced at the equivalent of $2,500 U.S.
The privately held company is launching the new smartphone in an effort to attract consumers both in its home market of China and overseas.
The new phone is called the Huawei Mate XTs. It is a foldable smartphone with two hinges that allow it to be folded at two points. The phone turns into a tablet-like device when fully opened.
Huawei pioneered the concept of a trifold smartphone when it launched the Mate XT last year, which was the first device of its kind.
Huawei’s market share in China has risen to 18% from 15% over the last year, and the company is now the biggest smartphone vendor in all of China, according to Counterpoint Research.
Huawei has said that it sold 470,000 units of the Mate XT device through the end of the second quarter of this year, generating over $1.3 billion U.S. of revenue.
Huawei has also developed its own operating system and managed to get some less-advanced chips manufactured in China for its more recent devices.
Despite its success within China, Huawei’s global market share remains tiny outside of its native country, something the company is trying to change with the new foldable smartphone.
The company is positioning the new phone as a productivity-focused device and will also launch several apps that are optimized for the smartphone’s trifold screen.
To entice buyers, Huawei is offering at least 50% off screen replacements, as well as two free appointments to service the phone.
As Huawei is privately held, its stock does not trade on a public exchange.
