Huawei, China's largest telecommunications equipment company, has reduced the prices of some premium smartphones by up to 20%.
According to the South China Morning Post (SCMP) and Chinese media outlet Pengpai on the 31st, Huawei began a price discount promotion for certain products, including the 'Pura 70' series and 'Mate X5,' the day before. The discount rate can reach up to 20% off the original price when coupons are applied, with price reductions ranging from 500 yuan (about 100,000 won) to a maximum of 2,500 yuan (about 500,000 won), depending on the model.
According to Huawei's official online store, the 'Pura 70 Ultra' released in April is priced at 8,999 yuan (about 1.81 million won) after an 18% discount from the original price of 10,999 yuan (about 2.2 million won) for the 1 terabyte (TB) model. The 512 gigabyte (GB) model is currently sold at 7,499 yuan (about 1.51 million won), which represents a 20% reduction.
The foldable phone Mate X5, released in September last year, has decreased from 12,999 yuan (about 2.61 million won) to 10,499 yuan (about 2.11 million won), reflecting a drop of 19% (2,500 yuan).
These price reductions aim to clear inventory of models released more than six months to a year ago and to increase Huawei's market share in the premium smartphone sector in China, according to these media reports.
According to market research firm Canalys, Huawei's shipments of premium smartphones (priced at over $600) in China surged by 34% in the third quarter compared to the same period last year. This boosted Huawei's market share in the premium smartphone segment in China to 33%, narrowing the gap with Apple, which holds the top position at 52%.
Chinese market research firm CINNO reports that Huawei's shipments of foldable phones increased by 97% year-on-year in the third quarter. Huawei holds about half of the foldable phone market in China.
Market analysis firm Counterpoint indicated that the strong sales of the Mate X5 are a key driver of the surge in shipments. They forecast that the recently released triple foldable phone 'Mate XT' and the 'Mate X6' announced last month will also help solidify Huawei's leading position in the foldable phone market.
However, it has been reported that the flagship model 'Mate 70' series, released last month, is experiencing sluggish sales. The Mate 60 released in August last year created a buzz for incorporating advanced semiconductors despite U.S. sanctions, but the subsequent Mate 70 model has not made significant advancements as it uses a 7NANO chip instead of the expected 5NANO chip.