Overbuyer's paradise: the price of the triple-fold HUAWEI Mate XT has risen to $20,000 due to shortages

The new HUAWEI smartphone was initially offered at a price of $2800.

The HUAWEI Mate XT is the world's first triple-fold smartphone. It features a large 10.2-inch display that unfolds to a thickness of just 3.6 mm, boasts a massive 5600 mAh battery (larger than many non-foldable flagship models), offers four cameras with a periscope lens, and supports rapid wired charging at 66W (as well as 50W wireless charging).

All these remarkable specifications came packed in a $2800 price tag; however, due to a shortage, resellers began selling the smartphone for $10,000 initially, and later for $20,000, reports Reuters.

Many self-proclaimed HUAWEI fans were also disappointed by the phone's unavailability for direct purchase, as it was only offered through pre-orders (particularly in Beijing, where people stood in long lines). According to Phone Arena, the executive director of the HUAWEI store in Shanghai, Richard Yu, stated that the smartphones were sold out in seconds, while pre-orders for the Mate XT numbered in the millions (HUAWEI did not disclose production volumes or availability at launch).

Meanwhile, resellers have raised prices by 200-300%, and in one electronics market in Shenzhen, the Mate XT was priced at 150,000 yuan ($21,290), but of course, few were eager to buy the smartphone at such an outrageous price.

In the meantime, the launch of the new iPhone 16 has generated less enthusiasm in China: Apple's ranking in the country has dropped from third to sixth place in recent quarters due to fierce competition from local players and a ban on iPhone use in government institutions.