iPhone 16 Price Slashed by 10%
China's largest telecommunications equipment company Huawei's world-first 'double-folding' triple foldable smartphone, unveiled last week, has seen its price triple even before official sales began.
On the 19th, according to Hong Kong's South China Morning Post (SCMP), suppliers of home appliances in Huaqiangbei, Shenzhen, Guangdong Province, China's largest electronics market, listed the latest triple foldable phone 'Mate XT' 256GB model, officially going on sale on the 20th, at 60,000 to 70,000 yuan (approximately 11.3 million to 13.2 million KRW).
The official Huawei selling price for this model is 19,999 yuan (about 3.76 million KRW), but due to demand exceeding supply and a surge in purchase inquiries, suppliers have raised the price threefold. Lin Xian, a used smartphone trader in Huaqiangbei, said, "The price of this product in Huaqiangbei is very unstable," adding, "Most of the interest seems to come from speculative black market dealers trying to resell the product for profit from the price difference," reflecting the local atmosphere.
SCMP reported, "Huawei's new product recorded over 6.3 million pre-sale reservations on the official e-commerce platform Vmall by the afternoon of the previous day," and "on other online trading sites, the price of the Mate XT jumped from 30,000 yuan to 100,000 yuan." Huawei began accepting pre-orders without a deposit on the 7th, but due to supply shortages, it did not guarantee immediate purchase for those who reserved.
While Huawei's new product is receiving hot attention locally, the market reaction to the iPhone 16, which officially goes on sale the same day, is somewhat lukewarm. Mainland Chinese online retailers are cutting prices on the iPhone 16 even before its official sale. The shopping platform Pinduoduo is selling the 512GB iPhone 16 Plus model at 8,999 yuan (about 1.69 million KRW), a 10% discount from the official price of 9,999 yuan (about 1.88 million KRW). Even the 128GB iPhone 16 is listed at an 11% discounted price.
SCMP evaluated, "The absurd surge in the black market price of Huawei's latest smartphone shows that Huawei's effort to steal the spotlight from the US Apple’s latest iPhone 16, released this month, has succeeded." Contrary to earlier promotions, the iPhone 16 disappointed the market as an 'AI phone without AI,' leading Chinese consumers to postpone purchasing the product.
Despite being blacklisted by the US in 2019, Huawei has boldly showcased advanced products such as the 'Mate 60' series, launched in August, equipped with the high-performance 7-nanometer (one billionth of a meter) semiconductor 'Kirin 9000s.' Regarding this, SCMP analyzed, "In the context of US-China technological competition, Huawei, which is subject to sanctions, challenging the IT giant Apple’s dominance through technological leaps holds special significance."
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