What's special about the new device?
The new device, called the Mate XT, has received more than 3.6 million pre-orders, with no deposit required.
The entire global foldable phone market reached about 3.9 million units in the second quarter, according to research firm IDC.
Huawei's launch comes just hours after Apple unveiled its latest phone - the AI-powered iPhone 16.
Both the iPhone 16 and Mate XT are expected to go on sale on September 20.
The Mate XT has two hinges, so it can open up into a screen that's more tablet-sized than smartphone; it comes with accessories such as a detachable keyboard.
Some people call this design a bi-fold phone because the screen can bend in 2 places, but with the Mate XT, the term tri-fold phone becomes more popular because there are 3 separate screen parts when the phone is closed.
The Mate XT comes in red and black and has a 10.2-inch display.
At 3.6mm wide, the company says it's the world's thinnest foldable phone, and it has a keyboard that fits in your pocket.
The starting price of this 3-fold smartphone is $2,800 for the 16GB/256GB version.
The 16GB/512GB version will cost $3,089, and the 16GB/1TB version will cost $3,369.
Apple's AI Challenge
The launch, which comes after a series of successful smartphone launches, underscores Huawei's ability to overcome US sanctions and strengthen its position against Apple in China.
Some customers in China have been unhappy with the iPhone 16's lack of Apple Intelligence (a new artificial intelligence (AI) system built into iPhones, iPads, and Macs) in China.
Apple products were once well received in China. However, Apple's sales in this market have declined in recent times.
Meanwhile, Huawei returned to the high-end smartphone segment last year and quickly made great strides.
With a starting price of up to $ 2,800 - more than double the starting price of the iPhone 16 Pro Max ($ 1,199) with the same memory capacity and limited production, the Mate XT is likely to become a symbol of Huawei's technological prowess rather than a sales driver, according to market analysts.
The foldable smartphone market grew 57% year-on-year in the second quarter of this year with 3.9 million units shipped, largely due to Chinese smartphone makers pushing into overseas markets, according to consultancy IDC.
That still represents just 1.3% of the overall smartphone market, with 292.2 million shipped in the second quarter, IDC said.
According to IDC, Huawei ranked as the world's largest seller of foldable smartphones in Q2 2024 with 27.5% market share, surpassing South Korea's Samsung with 16.4%.
In China's overall smartphone market, Apple's ranking dropped from third to sixth in the second quarter, as Huawei emerged as the third-largest vendor thanks to strong sales of its latest smartphone models.
