Honour introduces Magic V2: A slim foldable phone competing with Apple's flagships

Delhi : The Magic V2, a less-than-10mm-thick foldable phone from Shenzhen-based Honour Device Co., was unveiled on Wednesday. On the outside, the Magic V2 features a standard glass display similar to the iPhone 14 Pro, and on the inside, it has a 7.92-inch foldable OLED screen.

The most recent Snapdragon 5G chipset from Qualcomm Inc. powers the most recent foldable phone from Honour. Prior to the announcement, Honour CEO George Zhao stated that the device only has one targeted competitor: Apple's top-tier flagship phones. Even with its strength, Apple is unable to satisfy all consumer needs.

All of the major Android phone manufacturers, with the exception of Apple, have released a range of foldable phones, including Samsung Electronics Co. and Xiaomi Corp. In the latter half of 2020, Huawei Technologies Co. spun off Honour, a former subsidiary brand. According to Zhao, the company is considering strategies to market the Magic V2 outside of China, and this year will see significant growth in Europe.

"Foldables have created a new arena in the smartphone industry, similar to the rise of electric cars," Zhao said. Last year, just a small percentage of smartphones were shipped globally; nonetheless, the potential is expanding.

Because of their larger screens, Android makers may charge more and improve their traditionally small profit margins. According to research firm IDC, more than 21 million foldable phones will be deployed this year, and the market is expected to more than double by 2027.

The only major brand to increase shipments in China's Covid-ravaged market last year was Honour, despite a double-digit decline that brought the sector's sales to a decade-low levels. In 2023, smartphone manufacturers will face an even tougher battle as demand is stifled by the slowing economy.