Chinese tech giant Huawei on Tuesday unveiled its new smartphone, billed as the world's first trifold phone, hours after US competitor Apple lifted the curtain on its new iPhone built for AI.

The Mate XT was officially launched in a keynote presentation by Huawei executive Richard Yu at the firm's headquarters in the southern city of Shenzhen.

Originally designed as a premium phone for a niche audience, over three million people registered interest in buying the Mate XT ahead of its launch.

Advertised in a sleek red and gold design, the phone officially goes on sale on September 20.

Prices begin at 19,999 yuan ($2,800), the company said.

"Huawei has always been a leader in the foldable phone industry," Yu said at the keynote.

"This is the world's first triple-folding phone," he said.

"We have put in a huge amount of effort into solving the problems regarding mass production and product reliability," he added.

Its release comes a day after Huawei competitor Apple announced its iPhone 16, built for generative artificial intelligence as it seeks to boost sales and keep up in the technology race.

Huawei is currently China's fourth-largest smartphone maker, shipping 10.6 million units in the last quarter, according to a recent report by research firm Canalys.

Huawei was once the country's largest domestic smartphone maker before it became embroiled in a tech war between Washington and Beijing. 

US sanctions cut off its access to US technology and crippled its smartphone business -- but it made a surprise comeback last year with smartphones powered by domestically made chips.

It is also the biggest seller of foldable phones in China, dominating over half of domestic market share in the first half of 2024.

Analysts said the launch of its trifold phone could further boost the company's "technological leadership".

"It will fortify its position as a leader in the foldable phone sector among consumers," Toby Zhu, senior analyst at Canalys, told AFP.

But another industry observer said it was unlikely to make a big dent in Apple's sales in the premium phone sector given its price and the initial stockpile.

"Its impact on Apple's market share is likely to be very limited given Apple's strong ecosystem and broader appeal," said Ethan Qi, associate director at research firm Counterpoint.