China’s Huawei has unveiled a trifold smartphone with an OLED panel that has two vertical folds, opening to a 10.2-inch, 16:11 display. The Mate XT — which comes in red and black and offers three storage options ranging in price from $2,809 to $3,371 — is due to arrive in Chinese stores September 20, the same day that Apple’s new iPhone 16 lineup hits retail shelves there. Huawei and Apple are among the top brands currently battling for market share in what is the world’s largest cellphone market. With Huawei under U.S. sanctions, it is unlikely the trifold phone will be released here.

The Shenzhen-based Huawei “is currently in the midst of a spectacular comeback having launched wildly popular models like the Mate 60 Pro and Mate X5,” writes CNN, citing “double digit jumps in both revenue and profit” on its most recent earnings report “despite U.S. sanctions.”

The Mate XT also “comes with artificial intelligence features, such as text translation and cloud-based content generation,” according to CNBC, which reports the unfolded phone is 3.6 millimeters thick — 0.1417 inches, roughly equivalent to four stacked credit cards.

“The phone can display content on a single, double or triple screen,” CNBC writes, adding that it also works with a foldable keyboard. The main camera boasts 50 megapixels, with a 5.5x optical zoom (50x digital). The Verge explores the technical specs.

The 1TB storage model will set you back around $3,370. That hasn’t stopped more than 4 million people from reportedly signing up on the company website for availability alerts.

The New York Times writes that Huawei consumer products chairman Richard Yu feels the phone’s steep price reflects how difficult it was to create. “I have always had a dream to put our tablet in my pocket, and we did it,” he says in NYT.

The Mate XT product launch came hours after Apple unveiled the new iPhone 16 line at its Glowtime event on Monday.

“Amber Liu, research manager at market research firm Canalys, said Huawei’s rapid recovery ‘directly challenges’ Apple’s performance in China, its second-largest market, which accounts for over 20 percent of its global shipments,” writes CNN. “Chinese smartphone makers dominated the top five spots domestically on a quarterly basis for the first time ever, she said, pushing Apple to sixth place.”

The Mate XT, which uses Huawei’s own proprietary folding OLED technology, pushes the envelope for “book-type foldables, which currently range from 7 inches to 8 inches,” Counterpoint Research Senior Analyst Jene Park told CNN.