Chinese tech heavyweight Huawei Technologies' newest tri-fold smartphone, the Mate XT, attracted 1.3 million orders within seven hours of opening reservations.

What Happened: On Saturday at 12:08 p.m., the Chinese telecom equipment supplier started taking orders for the new device, reported Nikkei Asia.

The Mate XT, available in red and black, is scheduled to be unveiled on Tuesday, just after $Apple (AAPL.US)$ is anticipated to reveal the iPhone 16 in the U.S. on Monday.

Huawei's tri-fold smartphone is set to officially hit the market on Sept. 20. The pricing and detailed specifications are expected to be announced at Tuesday's launch.

In addition to the smartphone, Huawei also intends to launch a series of electric and new energy vehicles developed in partnership with a Chinese automaker, the report noted.

Why It Matters: Huawei's decision to launch a product on the same day as Apple's is reportedly part of its broader plan to compete with Cupertino in the Chinese market, where the U.S. tech giant has been losing ground.

In July this year, it was reported that Apple had dropped from third to sixth place in China's smartphone market, while Huawei saw a significant surge in smartphone shipments.

Apple's market share in China fell to 14% in the second quarter of 2024, down by two percentage points compared to the same period in the last year.

The rivalry between Apple and Huawei was also evident in January this year when the Cupertino, California-based tech giant decided to slash iPhone prices in China — an unprecedented move by the Tim Cook-led company.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.