Huawei unveiled an upgrade to its folding smartphone on Monday, hoping that a faster phone with higher-quality display will encourage consumers to spend as much as $2,700 for the top-of-the-range version.

The new Mate XS arrives a year after the Chinese tech giant showed off its first folding phone, which had back-to-back screens that opened to create an eight-inch display. That device went on sale in China in November after the company improved the design.

The Mate XS has the same size display as its predecessor but comes with an improved gull-wing hinge mechanism and stronger wraparound screen, while boasting faster download speeds and longer battery life than the rival Samsung Galaxy Fold, Huawei's top salesman, Richard Yu, told a launch presentation in Barcelona, Spain.