Honor launches new foldable phone to challenge Samsung in market

Honor has launched its latest foldable smartphone, the Magic V3, in international markets, following its initial release in China. This move is part of Honor's strategy to increase its presence in the high-end smartphone market, particularly as global demand for foldable devices continues to rise. The Magic V3 features a unique design that folds like a book and is notably thinner than its main competitor, Samsung's Galaxy Z Fold6, measuring 9.2 millimeters when closed. The device is equipped with advanced artificial intelligence capabilities, including a feature called Magic Portal, which allows users to seamlessly drag and drop information across different applications. This innovation aims to enhance user experience and encourage consumers to invest in higher-priced smartphones. Honor's push into the foldable market comes at a time when global shipments of such devices have surged, with a reported 48% year-on-year growth in the second quarter of 2024. The company is targeting key regions such as Western Europe, Asia Pacific, and Latin America, where it has already seen significant success, including overtaking Samsung in market share in Western Europe. The launch of the Magic V3 is part of Honor's broader strategy to expand its international footprint, especially after being spun off from Huawei in 2020 to mitigate the impact of U.S. sanctions. As competition intensifies, including recent entries from Google, Honor's aggressive approach may reshape the landscape of the foldable smartphone market.