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Honor, the Chinese technology company, is set to make waves in the smartphone market with its debut into the realm of foldable flip phones, a move announced by CEO George Zhao during an exclusive interview at Mobile World Congress 2024 in Barcelona. This foray into vertical-folding devices marks Honor’s strategic expansion into premium market segments, positioning itself as a contender against industry giants like Samsung and Apple.
Vertical-folding smartphones, colloquially known as “flip phones,” have gained traction in recent years, with Samsung and Motorola leading the charge. These devices feature displays that bend vertically, reminiscent of the classic flip phones of yesteryear but with a modern twist.
George Zhao expressed confidence in Honor’s pivot towards foldable technology, stating, “We are very positive about foldables for the future.” While Honor already boasts a lineup of foldable smartphones, such as the Honor Magic V2 launched in 2023, the forthcoming flip phone represents a strategic shift towards diversifying its product portfolio.
The move into flip foldables introduces Honor to a different pricing segment within the foldable market. Typically, flip-style phones like Samsung’s Galaxy Z Flip 5 are priced more competitively than their horizontal-folding counterparts, offering consumers an alternative option for premium smartphones.
As demand for foldable phones continues to rise, with projected sales of 22 million units in 2024 according to Counterpoint Research, Honor’s entry into the flip foldable market signifies an opportunity to capitalize on evolving consumer preferences. Neil Shah, Partner at Counterpoint Research, noted the potential for newer vendors to thrive in the flip segment, highlighting a market gap awaiting exploration.
Honor, a spin-off from Huawei in 2020, has positioned itself as an independent brand, focusing on expanding its presence in international markets. Zhao articulated his vision for Honor’s global expansion, aiming for sales volumes overseas to surpass those in China within the next three to five years.
Emphasizing the role of AI in enhancing user experiences, Zhao underscored Honor’s commitment to AI-driven innovations. The company showcased AI-powered features at Mobile World Congress, including eye-tracking technology and chatbots built on Meta’s Llama 2 AI model, demonstrating Honor’s dedication to harnessing AI to anticipate user needs and streamline interactions.
Amidst its technological advancements and strategic expansion, Honor also revealed its intention to go public, signaling further growth and development on the horizon. While preparations for an initial public offering are underway, details regarding timing and destination for the listing remain pending.