Samsung Electronics on Wednesday unveiled thinner, lighter new foldable phones as it aims to fend off Chinese competition in the higher-margin, premium segment that remains untapped by arch rival Apple.

The stakes are high. The South Korean company lost its global smartphone crown to Apple in 2023, and faces growing competition from Chinese rivals like Huawei Technologies and Honor.

Meanwhile, Samsung’s mainstay chip business has suffered a profit slump stemming in part from its delayed supply of artificial intelligence (AI) chips to Nvidia.

Samsung’s mobile president and chief operating officer, Choi Won-joon, said his most important mission was to make Samsung a leader in AI-powered smartphones.

“I believe that foldable phones, integrated with AI features, are ready to become mainstream by offering a unique, differentiated experience,” he told Reuters in his first media interview since being promoted in March.

He said Samsung aimed to take a leadership position in AI by enhancing cooperation with external partners like Google, unlike Apple, which has been using in-house AI technology that has faced delays in adding key features.