The $3,000 Huawei Mate XT tri-fold is now almost $10,000 because of shortages

As if things weren't surreal enough, the $3,000 Huawei Mate XT – the first tri-foldable phone – can now cost as much as $10,000, which is straightforwardly insane.

I don't care how special, novel, or fancy a smartphone is – unless it's made out of precious metals, it should not cost $10,000. There are cars (actual automobiles) for 10 grand that will serve you faithfully and will take you places, for crying out loud.

Huawei's Mate XT has caused quite a buzz both in China and across the world. Although it’s currently only available in China, purchasing one there has become an enormous challenge. The demand for this jaw-dropping foldable has surged, with reports suggesting that resellers in China are hiking prices by as much as 200-300%.

Huawei initially set the price of the 256GB Mate XT at 19,999 yuan (around $2,800), but in Shenzhen's Huaqiangbei, the world’s largest electronics marketplace, some sellers are offering it for as much as 60,000 to 70,000 yuan ($8,400-$9,800). Simply mind-boggling.

The high demand for Huawei’s eye-catching Mate XT tri-fold smartphone, coupled with its limited availability, has led prices to skyrocket.

Lin Shen, a second-hand smartphone dealer based in Huaqiangbei, mentioned that prices in the market remain highly unpredictable. He noted that most of the interest in the Mate XT comes from scalpers aiming to resell the device and profit from the price fluctuations.

We told you how Huawei has already received over 2.8 million reservations for Mate XT tri-fold, but things are spiraling out of hand as we speak. Now, the tri-fold is claimed to have already attracted over 6.3 million reservations on its Vmall e-commerce platform. Pre-orders began on September 7, but the no-deposit system does not guarantee those who signed up will be able to buy the phone right away due to the limited supply.

The skyrocketing grey-market prices for the Mate XT demonstrate Huawei’s ability to challenge Apple’s dominance in the Chinese smartphone market. This comes at the same time Apple is launching its latest iPhone model. Meanwhile, mainland retailers have already started lowering prices for the iPhone 16 series ahead of its launch this Friday, as many Chinese consumers eagerly await the Mate XT with its advanced AI features.

Another Huaqiangbei dealer indicated that his final resale price for the Mate XT would depend on whether he could secure a unit when sales officially begin. Similarly, prices on online platforms have also surged.

PDD Holdings’ budget platform Pinduoduo has also begun offering discounts on the iPhone 16 series, with the 512GB iPhone 16 Plus available for 8,999 yuan, 10% off its official price of 9,999 yuan, and the 128GB iPhone 16 being offered at an even larger 11% discount.

The competition between Huawei and Apple has taken on a new dynamic in China, as Huawei, which has faced US sanctions, has been reviving its smartphone business just as Apple faces increased challenges in the market.

Huawei’s return to the 5G smartphone arena began last year with the release of the Mate 60 Pro, which featured a cutting-edge 7-nanometer chip, developed domestically, that seemingly circumvented US trade restrictions.