In a bid to overshadow Apple’s latest iPhone launch, Huawei Technologies unveiled its revolutionary tri-foldable smartphone, the Mate XT, at a high-profile event in Shenzhen on Tuesday.

Priced at $2,800, this cutting-edge device aims to redefine the foldable phone market and strengthen Huawei's foothold in the competitive global smartphone arena.

The Mate XT, which features an innovative accordion-style fold, offers users the flexibility of three distinct folding configurations. With over 4 million pre-orders already secured, the phone's popularity is evident, despite the absence of a deposit requirement for early reservations.

According to IDC, the global market for foldable phones was approximately 4 million units in the second quarter of this year.

Richard Yu, Huawei’s executive director, touted the device’s groundbreaking features, asserting, “Today we bring you a product that everyone can think of but could not make. Our team has been working hard for five years and has never given up.” Yu emphasized that the Mate XT represents a significant technological leap, promising to “rewrite the industry's history.”

The Mate XT’s specifications are impressive, boasting a 10.2-inch display and a slim profile of just 3.6mm. Available in red and black, the phone also includes a convenient keyboard attachment. Pricing starts at 19,999 yuan ($2,800) for the 256GB model, with higher memory versions priced at 21,999 yuan and 23,999 yuan.

This launch comes on the heels of Apple’s introduction of the iPhone 16, which features AI enhancements but has faced criticism in China for its limited AI capabilities.

The Mate XT’s advanced AI functionalities, powered by Huawei’s Kylin chips, include text summarization, translation, editing, and enhanced image processing, positioning it as a formidable competitor to Apple’s latest offering.

The new phone’s debut highlights Huawei’s resilience amidst ongoing U.S. sanctions that have restricted its access to global chipset supplies. The company’s return to the high-end market with devices like the Mate 60 Pro has already disrupted the industry, and the Mate XT is poised to further challenge Apple’s dominance.

Despite its high price, which more than doubles that of the comparable iPhone 16 Pro Max, and anticipated production constraints, the Mate XT is expected to symbolize Huawei’s technological leadership rather than drive massive sales volumes.

Analysts predict that while the device may not significantly impact shipment figures, it underscores Huawei’s role as a leading innovator in the tech world.

The foldable smartphone market, which grew 57% year-on-year in the second quarter, remains a niche segment, representing only 1.3% of the overall smartphone market. Huawei currently holds the top position in this category, with a 27.5% global market share and 42% in China, outpacing rivals such as Samsung, Vivo, and Honor.