Chinese phone brand OnePlus unveiled its latest flagship smartphone series OnePlus 11 on Wednesday, as part of its broader push to grab a bigger share of the world’s largest smartphone market amid intensified competitions.

Priced from 3,999 yuan（$581）, the new phones came shortly after the parent company Oppo said it would invest 10 billion yuan ($1.43 billion) into OnePlus in the next three years to grow its presence in online sales of smartphones.

Li Jie, president of OnePlus China, said OnePlus aims to be the No 1 online smartphone brand for the 2,000 yuan and above price market.

The comments came as Oppo officially kicked off its dual-brand strategy, with OnePlus being the brand focusing on performance.

Pete Lau, chief product officer of Oppo and founder of OnePlus, said earlier that users are now increasingly diversified in their demands for smartphones, and it is difficult for a single product or brand to meet the needs and preferences of different users, which is also the reason why almost every smartphone company has started dual brands or even multiple brand strategies.

Lau said OnePlus' users are mainly young men, and there is a high probability for them to buy phones online.

Smartphone sales in China fell 11.9 percent year-on-year to 71.13 million units in the third quarter of 2022, according to market research firm International Data Corp. The decline was narrower than the previous two quarters despite the continued weak demand.