China’s Huawei unveils its answer to Apple’s iPhone 16. But it comes with a hefty price tag

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world.

Huawei has unveiled what it calls the world’s first tri-fold smartphone, just hours after arch-rival Apple introduced the iPhone 16, in a carefully timed Tuesday launch that has generated significant buzz for the Chinese tech giant.

The Shenzhen-based firm, which has been a flashpoint in an escalating tech rivalry between Washington and Beijing, is currently in the midst of a spectacular comeback having launched wildly popular models like the Mate 60 Pro and Mate X5. In August, Huawei reported double digit jumps in both revenue and profit, despite US sanctions.

Successful sales of the Mate XT smartphone, which currently has more than 3.7 million pre-orders since becoming available online Saturday, would be another indication of the company’s sustained resurgence. The base model starts at 19,999 yuan ($2,800).

Richard Yu, the chairman of Huawei’s consumer business, said at the livestreamed launch event that the smartphone had taken five years to develop, leading to “breakthroughs” in screen and hinge technology.

“Huawei Mate XT is the world’s first triple-fold smartphone, and the largest and thinnest foldable handset globally,” he said. “We are the first in the world to achieve outward folding (in smartphones) and the first to create an inward-folding phone with no gaps.”

The phone features three panels that can be folded up to three times, Yu said. It has a 10.2-inch screen and is available in red and black.

Tuesday’s product launch came just hours after competitor Apple (AAPL) unveiled a slew of new products, including the iPhone 16, its first