What's happened
Huawei's Mate XT tri-fold smartphone launches on September 20, 2024, with over 6.3 million preorders. The device's high demand has led to inflated resale prices, coinciding with Apple's iPhone 16 release, which has seen significant price cuts in China due to soft demand.
Why it matters
What the papers say
According to the South China Morning Post, the Mate XT has generated over 6.3 million reservations, with scalpers listing it for as much as 70,000 yuan, far exceeding its official price of 19,999 yuan. In contrast, Business Insider UK notes that Apple has faced a 24% drop in iPhone sales in China, prompting retailers to discount the iPhone 16 series ahead of its release. This suggests a significant shift in consumer interest towards Huawei's offerings, as highlighted by Martin Yang from Oppenheimer & Co., who stated that Huawei is still lagging behind Apple in chip technology. The competition between these two tech giants is intensifying, with Huawei currently capitalizing on its innovative designs.
How we got here
Huawei announced the Mate XT on September 10, 2024, generating massive interest with over 2.7 million preorders within hours. The launch coincides with Apple's iPhone 16 release, intensifying competition in the Chinese smartphone market.
More on these topics
-
Huawei Technologies Co., Ltd. is a Chinese multinational technology company headquartered in Shenzhen, Guangdong. It designs, develops, and sells telecommunications equipment and consumer electronics.