The hype surrounding Huawei Mate XT has reached new heights as the tri-fold smartphone’s price more than doubled in Shenzhen before its official release. Originally priced at 19,999 yuan ($2,800), resellers in the Huaqiangbei electronics marketplace have been selling the Mate XT for as much as 70,000 yuan ($10,000). This steep price increase is a reflection of the massive demand and limited availability of the world’s first tri-foldable smartphone.
Huawei officially began accepting pre-orders for the Mate XT on September 7, and it quickly became clear that demand would far outstrip supply. Over 6.3 million units were reserved through Huawei’s VMall platform, but the no-deposit system has left many customers unsure if they will actually be able to purchase the device when it launches on September 20.
This scarcity has led to a booming grey market, where resellers are charging exorbitant prices for early access to the Mate XT. In Shenzhen, which is home to the world’s largest electronics marketplace, prices have climbed as high as $10,000.
Scalpers in tech hubs like Shenzhen are profiting from the Mate XT’s limited availability, driving up prices and causing frustration among consumers. One reseller noted that the final price he charges will depend on whether he can secure a unit when official sales begin. The unpredictability of supply has created an environment ripe for price gouging, with resellers capitalizing on consumer desperation.
Huawei’s success with the Mate XT comes as Apple prepares to release its iPhone 16 series. The competition between the two tech giants is intensifying, especially as Huawei seeks to challenge Apple’s dominance in the Chinese market. Early reports suggest that pre-orders for the iPhone 16 have fallen short of expectations, with some analysts estimating a 12.7% drop in orders compared to the iPhone 15.
While Apple has begun offering discounts on its iPhone 16 models in China, Huawei’s Mate XT continues to command higher prices on the secondary market. This stark contrast reflects the fierce competition between the two brands as they vie for control of China’s premium smartphone market.
The skyrocketing prices of the Huawei Mate XT highlight the demand for the world’s first tri-foldable phone. However, the inflated prices in the resale market may alienate some consumers who are unwilling to pay such high costs. As Huawei continues to position itself as a leader in innovation, the company will need to address supply chain issues to ensure that the Mate XT remains accessible to its growing fanbase.
