Samsung denies rumors of cheaper foldable smartphone

Tech

Published: 14 Nov. 2023, 15:27 Updated: 14 Nov. 2023, 16:02

Samsung denies rumors of cheaper foldable smartphone

Samsung Electronics' Z Flip 5, center, is on display at Samsung Store's Hongdae branch in western Seoul. [NEWS1]

Samsung Electronics said that it doesn't have plans to produce midrange foldable smartphones, denying recent rumors that its Z Flip and Z Fold slated for next summer launch might be priced as low as $400.

“We don't plan to manufacture foldable smartphones that are priced in the midrange, and the latest rumors are groundless,” a Samsung Electronics spokesperson said Tuesday.

Samsung Electronics' Z-branded foldable smartphones currently reside in the premium segment of the company's handset portfolio just beneath the flagship S series. The Z Flip 5, which launched this summer, had a starting price of 1.39 million won ($1,045). The Z Fold 5 started at 2.1 million won.

Previous rumors had indicated that Samsung might drop the prices of both products to a midrange level as low as $400 in response to growing market interest in the foldable form factor.

“Supply chain sources have also revealed that Samsung is planning to bring foldable phones to the midrange market next year, further reducing price barriers and making foldable phones more accessible to a broader range of customers,” TrendForce, a Taiwan-based market research firm said in a report early this month.

A tipster known as @Tech_Reve on X, formerly known as Twitter, had also hinted that the manufacturer's new foldables would be priced between $400 and $500, calling it an “aggressive goal.”

Others had speculated that Samsung might launch a fan edition version of its foldables, which could maintain their exterior design and select core functions like camera features, while downgrading the processor and other elements.

“There's nothing decided on the matter,” a Samsung Electronics spokesperson said Tuesday.

The news comes as Samsung has been trying to hold an edge in the burgeoning foldable market. Google has become a strong competitor with its recent Pixel Fold. Apple is also rumored to be gearing up to enter the space.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]