Huawei Technologies Co has unveiled its latest foldable smartphone, Mate Xs2, on Thursday night as the Chinese tech heavyweight aims to increase its appeal to consumers through new technology upgrades.

This is the fifth-generation of foldable smartphones Huawei has unveiled in the past three years. With a return to Huawei's original inward folding design and a lower price tag than before, it marks the latest move by the company to sharpen its competence in the highly competitive foldable smartphones market as rivals are all betting big on the segment to expand presence in high-end products.

Yu Chengdong, CEO of Huawei's device group, said the company continues to innovate and make breakthroughs in foldable smartphones and aims to bring a unique experience to consumers.

Priced from 9,999 yuan ($1,500) in China, the Mate Xs 2's price is a big reduction from the original Mate Xs, which was launched at 16,999 yuan two years ago.

The Mate Xs 2 uses the same outward folding design of its predecessor, which made it unique in the market with most rivals choosing an inward folding design. It features a 7.8-inch display.

The move is Huawei's latest push to revive its smartphone business, which was struggling with chip shortages due to the US government restrictions.