Huawei Technologies of China introduced its latest tri-foldable smartphone on Tuesday, just hours after Apple launched a new iPhone model designed for advanced artificial intelligence (AI) applications as it seeks to expand its lead in the world's biggest smartphone market and steal the spotlight from Apple.

The Mate XT was revealed at a launch event in Shenzhen, a prominent technology hub in China, highlighting its unique capability to fold in three different ways, resembling an accordion.

"Today, we present a product that many have envisioned but few have been able to create. Our team has dedicated five years to this project without losing hope," stated Huawei Executive Director Richard Yu during the event, as reported by Reuters.

"Once again, we are set to redefine the industry's landscape, transforming science fiction into reality and ushering in a new era of foldable devices," he continued.

The Mate XT, priced at approximately $2,800, is equipped with an AI assistant that offers features such as article summaries, translations, and photo editing, as detailed on Huawei’s product page. Available in black and red, it boasts a 10.2-inch display with a 3K high resolution, according to the company.

"Huawei’s state-of-the-art three-fold large screen can be easily folded and unfolded, and its composite ultra-tough laminated structure ensures it remains slim yet durable, ready to tackle any challenge," the company stated online.

As of midday Tuesday, over 4.6 million units had been preordered, according to the company's website.

The announcement from the Chinese technology leader occurred mere hours after Apple introduced a range of new products during its annual launch event in California, which featured the iPhone 16 series. Similar to the Mate XT, this new lineup incorporates various AI capabilities powered by the company's proprietary software, “Apple Intelligence.”

Apple's latest iPhone series signifies the company's formal entry into the AI domain as it strives to remain at the forefront of this rapidly evolving technology, competing with other major players in the industry.

Additionally, Apple presented the new Series 10 Watch and updated AirPods models, both equipped with innovative features aimed at addressing health concerns.

Huawei has faced a challenging relationship with U.S. regulators, who imposed sanctions on the firm in 2019. In 2022, the U.S. government prohibited companies from engaging in business with Huawei, effectively severing its access to essential chips and software, including Google services for its smartphones, and restricting its ability to sell telecommunications products to American consumers.

In 2022, the FBI discovered that Huawei equipment installed on cell towers in the Midwest posed a risk of interfering with Department of Defense communications, including those related to the U.S. nuclear arsenal. Later that year, the Department of Justice charged two alleged Chinese intelligence officers with attempting to hinder a criminal investigation into Huawei.

Despite these sanctions, the Shenzhen-based firm reported a net profit of 87 billion yuan (approximately $12 billion) last year.