Huawei on Monday launched its latest flagship foldable smartphone series as it seeks to maintain its dominance in China’s premium handset market amid growing competition from Apple and Xiaomi, which are also unveiling new products.

The new Mate XT2 series features Huawei’s Kirin 9050 Pro chip, while the smartphones can fold twice to expand into tablet-sized displays.

The new foldable smartphones come with a hefty price tag, starting at 19,999 yuan ($2,980), while the top-end model will sell for 24,999 yuan ($3,725). Sales are set to begin on September 12.

“Pricing right now is a real challenge, because memory costs have risen sharply. We adopted a lot of new technology, and the cost pressure has been enormous,” Huawei Executive Director Richard Yu told a press conference.

Huawei said the new chip’s architecture is designed to provide greater computing power while consuming less energy.

The architecture, known as LogicFolding, forms part of the “Tau Scaling Law” principle unveiled by the company in May as it seeks to overcome U.S. restrictions limiting its access to advanced technologies.

Xiaomi is set to launch a competing foldable smartphone later on Monday, while Apple is expected to unveil its latest iPhone lineup on Wednesday, with speculation mounting that the company could also introduce a foldable model.

Huawei remains the only major smartphone brand currently selling a so-called tri-fold device.

However, the Chinese technology giant is barred from selling its products in the U.S., where Washington has designated the company as a national security risk.

South Korea’s Samsung Electronics, the world’s largest seller of foldable smartphones, launched its own tri-fold device in December but reportedly stopped sales after three months. In July, Samsung expanded its foldable portfolio with the addition of a passport-sized foldable smartphone.