HTC Corp debuted its new flagship smartphone this week, called the HTC One M8, an upgrade version of the company's award-winning HTC One
The company hopes the upgraded smartphone will help it obtain more customers as it struggles to keep up with rivals like Apple and Samsung.
The HTC One M8 has a 5-inch display, which is a little larger than its predecessor, along with a faster processer, updated software, and improved camera technology.
It also has a premium metal body, according to Reuters.
Chairwoman Cher Wang spoke at an event in London recently, where she said the new device was an "evolution" of 2013's popular HTC One.
The HTC One was praised by critics around the world, and is still collecting awards, like "Smartphone of the Year," which it won at February's Mobile World Congress.
"The best smartphone in the world gets better in every way," Wang said of the new phone, according to Reuters.
Despite positive reviews and awards, the HTC One was not enough to stop more than two years of declining sales. The company has failed to keep up with companies like Apple and sales leader Samsung.
A little over two years ago the Taiwan company supplied one in every 10 smartphones sold worldwide. By 2013 however, its global market share had dropped to just 2 percent, according to Strategy Analytics analyst Neil Mawston.
HTC's February sales figures were 36 percent lower than they were the same time in 2012.
The company is giving its all however, as it is fighting back with new, cheaper handsets, like one it unveiled in Barcelona last month, along with the HTC One M8, according to Reuters.
Analysts at CCS Insight have called the HTC One M8 a "make-or-break" device for the company.
"The company has learned lessons from the phone's well-received but underperforming predecessor," they said, according to Reuters. "HTC must capitalize on the phone's distinctive design and premium materials to re-establish itself in the market."
The analysts added that the device would start selling almost immediately, beating new flagship models from Samsung and Sony to the punch.
See Now: OnePlus 6: How Different Will It Be From OnePlus 5?