A new foldable smartphone is becoming as popular as an Apple iPhone model in China

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Honor released its Magic V2 foldable on July 12, 2023, starting with the China market. Honor BEIJING — On Chinese e-commerce site JD.com's "hot sales" smartphone rankings this week, the Honor Magic V2 foldable vies with Apple iPhone models for the top three spots. Honor, spun off from Huawei, launched its Magic V2 on July 12 with a starting price of 8,999 yuan ($1,245). related investing news Wall Street is bullish on Big Tech heading into earnings — here's what we think Sales officially began Thursday. But a week of pre-sale demand has pushed delivery times for new orders to mid-September, according to JD.com's app, a commonly used platform for buying electronics in China. The Magic V2's 9,999-yuan model ranked second in popularity among JD.com smartphone sales as of Thursday morning, while a 7,799-yuan Apple iPhone 14 Pro ranked first. The iPhone 13 held third place. Honor's new device folds up to be nearly as thin as an iPhone — 9.9 millimeters versus the 14's 7.85 millimeters, without a case. That means the Magic V2 is about three-eighths of an inch thick when folded. watch now Importantly, the foldable phone was able to balance thinness with "reasonable battery life," said Ethan Qi, associate director at Counterpoint Research. "From my perspective, the biggest highlights [for the phone] are the industry's thinnest body (9.9mm) and lowest weight (231g)." Honor claims the Magic V2's battery is just 2.72 millimeters thick and can support about 14 hours of video watching on the phone's unfolded large screen. The iPhone 14 claims about 20-30 hours of video watching on a single battery charge, depending on the bar phone model. "The Magic V2's pre-sales figures in China are a positive indicator and shows the resilience of the premium segment, which bodes well for foldables growth in the country," Qi said. "The premium segment is not very big, but it's the segment everyone wants to win." watch now Competition is growing. Samsung is set to release "slimmer and lighter" foldables at a July 26 event, according to a blog post tease. The company is also promoting that "Join the Flip Side" launch event livestream in China. Samsung's Galaxy Z Fold4 sells for 10,999 yuan on JD.com, while its Galaxy Z Flip3, which opens up like a flip phone, lists a price of 4,699 yuan. Huawei, Xiaomi and Vivo also sell foldables in China in a premium price range. Pocket of growth in smartphone slump