Chinese Foldable Phone 'Magic V2' Emerges as a Rival to Samsung's Galaxy Z Fold

Honor, a Chinese smartphone manufacturer, has attracted unexpected popularity with its new foldable smartphone, the 'Magic V2', which was unveiled on the 12th. The Magic V2, set to compete head-on with Samsung's Galaxy Z Fold5 which will be unveiled at the 'Unpacked' event on the 26th, has ignited a storm since its release, with pre-orders flooding in. While the overseas launch plan has yet to be announced, it is predicted that the demand within China alone could pose a threat to Samsung's market share.

The Chinese smartphone manufacturer Honor unveiled its new foldable phone 'Magic V2' on the 12th. The product, currently only available in China, folds and unfolds from side to side, similar to Samsung's Galaxy Z Fold. Provided by Honor.

According to American financial news outlets like CNBC on the 20th (local time), the Magic V2 ranked second in smartphone sales popularity on JD.com, a Chinese e-commerce company, on the day of its release. The top spot was held by the iPhone 14 Pro released last year, and the iPhone 13 came in third. The order influx has pushed back the expected delivery dates to mid-September. Given that China is one of the largest sales markets for the iPhone, it's impressive that the Magic V2 is garnering iPhone-level popularity.

The Magic V2 is Honor's second foldable phone and officially went on sale on the 12th. It is noted for its thinness (9.99mm) when folded, a thickness less than 1cm, and a light weight of just 231g, both of which are industry minimums. According to Honor, the Magic V2's battery is only 2.72mm thick but can support up to approximately 14 hours of continuous video playback. Although it falls short compared to the iPhone 13, which can support a maximum of 30 hours of continuous viewing, it is much improved from its predecessor. Other notable features include a durable hinge that can withstand up to 400,000 folds, and a rear camera equipped with three 50-megapixel lenses.

However, the most surprising aspect is the price. Honor set the Chinese launch price for the Magic V2 at a minimum of 8,999 yuan (about 1.6 million KRW), which is nearly 400,000 KRW cheaper than the Galaxy Z Fold4 priced at 19,999 yuan (about 1.96 million KRW) released last year. The soon-to-be-released Galaxy Z Fold5 is expected to be even more expensive.

The tech industry believes that Honor unveiled the Magic V2 about two weeks earlier than Samsung to get a head start in generating buzz. In fact, Honor has been actively promoting the fact that they've entered the "millimeter era" in terms of foldable phone thickness.

Unlike Samsung, which is expected to announce a global sales schedule at the launch, Honor has yet to announce plans to sell outside of China. Honor, a brand independent from Huawei, only released its first foldable phone in a few regions such as China and Europe last year. The assumption is that it will not be easy to shake Samsung's dominant position in the foldable phone market.

However, given the size of the Chinese market, there is a high possibility that Honor will gradually increase its global market share based on domestic demand. According to market research firm Counterpoint Research, China's foldable phone market grew more than twice as fast year-on-year in the first quarter of this year. This growth rate is faster than the global foldable phone market, which grew 64% in the same period.