WASHINGTON (dpa-AFX) - Honor CEO George Zhao revealed the company's plan to launch its first vertical-folding flip phone in 2024, aiming to tap into the premium smartphone market.
The CEO confirmed to CNBC in an exclusive interview at the Mobile World Congress in Barcelona, 'This year we are preparing for the flip phone launch - now that we are internally in the final stage.'
'We are very positive about foldables for the future,' Zhao added.
The announcement comes after the global launch of the company's Magic6 Pro and PORSCHE DESIGN HONOR Magic V2 RSR at the event.
The smartphone maker intends to target a new market with higher prices compared to traditional horizontal-folding devices. A report by Counterpoint Research estimates a price boom in the premium market for phones above $600 despite a decline in the overall market.
In July 2023, Honor launched Magic V2, a smartphone that folds like a book. But with the latest vertical-folding phone it would join the other smartphone makers such as Samsung, OPPO and Motorola, who had popularized this trend.
Along with the phone, Zhao also discussed the company's plan to launch a similar wearable like Samsung's Galaxy Ring, which would be launched later this year.
The Chinese company's ring would focus on health-related services by collecting data on HONOR's health app and providing personalized health insights with the help of artificial intelligence.
Zhao also emphasized that an AI-induced ring would provide tailored training programs to users based on their activities and habits.
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