The CEO of Honour claims that the lack of foldable phones from Apple Inc.'s lineup gives rivals of the iPhone maker a chance to advance.
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The Magic V2, a less-than-10mm-thick foldable tablet from the Shenzhen-based startup, was unveiled on Wednesday. Similar to the iPhone 14 Pro, the phone has a conventional glass exterior and a foldable OLED screen measuring 7.92 inches inside.
In China, the Magic V2 is available for 8,999 yuan ($1,254.5), which is the same as the cost of an iPhone 14 Pro Max.
George Zhao, the CEO of Honour, stated in an interview prior to the device's introduction that "Apple's flagship phones are our only target." Despite Apple's strength, itcannot satisfy all customer requests.
After the US enforced sanctions on cutting-edge Huawei processors at the end of 2020, Honour, which was formerly a sub-brand of Huawei Technologies, split from the manufacturer of telecom equipment. Honour operates independently and is not constrained by the same rules; the Magic V2 is equipped with the most recent Qualcomm Snapdragon 5G processor.
Apple is the only leading seller without such an option, as other big Android phone companies including Samsung Electronics Co. and Xiaomi Corp. have all released various sorts of foldable versions.
Only a small portion of smartphones were shipped globally last year due to foldables, but their potential is increasing. High-end Android manufacturers use their huge displays as a selling feature to raise the price of their products and widen their usually narrow profit margins.
Over 21 million foldable phones are anticipated to be deployed this year, according to research company IDC, and the market is anticipated to more than quadruple by 2027. According to Zhao, "Foldables have created a new segment in the smartphone industry, similar to the rise of electric vehicles." High-end features and expansive screens are longtime favourites among Chinese smartphone buyers.
The iPhone is one of the most popular electronics in the nation, but due to intense competition, the top spot in sales is always shifting. In virus-ravaged China last year, Honour was the only big brand to show shipment increase, despite a double-digit decline, and returning the market to its pre-virus levels. In 2023, the competition for smartphone makers will be even more intense.
as low demand has been caused by the weak economy. With Europe playing a significant role in its development this year, Zhao said the business is examining plans to offer the Magic V2 in other markets in addition to China. gadgets in the nation, despite the fact that the industry is so cutthroat that the top spot in sales is always shifting.
In virus-ravaged China last year, Honour was the only big brand to show shipment increase, despite a double-digit decline, and returning the market to its pre-virus levels. In 2023, smartphone makers will have an even harder time competing because of the weak economy's impact on demand. According to Zhao, the business is thinking about launching the Magic V2 in areas outside of China, with Europe playing a significant role.
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