This year, at the end of LHC Run 2, LHCb will start replacing major parts of the detector and installing new detector components in the underground cavern of LHC Interaction Point 8, thus realizing the long-planned upgrade I of the LHCb experiment. The new detector is designed to operate at the instantaneous luminosity of 2·10^33 cm-2s-1, more than five times higher than in Run 2. All sub-detectors are in production, some close to completion. This talk will present a status overview of the new detector and highlight performance results of a few key sub-systems, such as the silicon pixel vertex detector, the silicon-strip tracker, the scintillating-fibre tracker and the ring-imaging Cherenkov system. A crucial part of the upgrade lies in the software-only trigger, which is facing the extreme challenge to select the desired events at 30MHz input rate with around five to six visible interactions per bunch crossing. Recent R&D progress on the trigger strategy and benchmarking will be presented. In addition, the continuous expansion of the LHCb physics programme (in particular, using fixed targets) and preparation for future challenges will be briefly outlined.