OnePlus launches new flagship model

OnePlus chief executive Pete Lau speaks at the product launch in Beijing on June 21, 2017. [Photo provided to chinadaily.com.cn]

Shenzhen-based smartphone startup OnePlus unveiled its new 5.5-inch flagship phone on Wednesday in Beijing.

In China's fiercely competitive and fluctuating smartphone market, several smartphone makers are facing losses, or even collapse. But with two flagship products already on the market, OnePlus 3 and 3T, the 3-year-old company achieved profits.

"We insisted on manufacturing only flagship products, which makes us alive and healthy," Pete Lau, founder and chief executive of OnePlus, said during the launch.

Powered by Qualcomm's Snapdragon 835 processor and the OxygenOS system, OnePlus 5 has 8GB RAM and dual shooters, a 20-megapixel rear camera and an 16-megapixel camera in the front.

The handset ships with Dash Charge, which is OnePlus' proprietary fast charging technology, and a battery with a capacity of 3300 mAh.

The OnePlus 5 is priced at 2,999 yuan for the 6GB RAM and 64GB of storage and 3,499 yuan for the 8GB RAM and 128GB storage.

The new product went on sale on Thursday.