The Shenzhen-based Honor Device Co. on Wednesday launched its latest foldable phone, the Magic V2, which measures in at less than 10mm thick.
The Magic V2 has a regular glass display comparable to the iPhone 14 Pro on its exterior and a 7.92-inch foldable OLED screen on the inside.
Honor’s latest foldable phone is powered by Qualcomm Inc.’s latest Snapdragon 5G chipset.
“The product has only one targeted competitor — Apple’s topmost flagship phones,” Honor CEO George Zhao said in an interview ahead of the unveiling. “As strong as Apple is, it can’t fulfill all demands from consumers.”
Except Apple, world’s all major Android phone brands– from Samsung Electronics Co. to Xiaomi Corp. — have introduced a variety of foldable phones.
Honor, once a sub-brand of Huawei Technologies Co., spun off from the telecom equipment maker in late 2020.
The company is mulling plans to sell the Magic V2 in overseas markets as well as in China, and Europe will be a key part of its expansion this year, said Zhao.
“Similar to the rise of electric cars, foldables have created a new arena in the smartphone industry,” Zhao said.
Foldables took only a fraction of global smartphone shipments last year, but the potential is growing.
Their larger screens are a selling point to help Android manufacturers ask higher prices and increase their typically paper-thin margins. More than 21 million foldable phones will be shipped this year and the category is on track to more than double by 2027, research firm IDC said.
Honor was the only major brand that grew shipments in Covid-stricken China last year, defying a double-digit slump that delivered a decade low for the market. Smartphone makers are facing an even fiercer fight in 2023 as the cooling economy suppresses demand.
(With inputs from Bloomberg)
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Updated: 12 Jul 2023, 09:47 PM IST
