Samsung has denied rumors that it is working on an affordable foldable smartphone for mid-range price points. A company spokesperson said (via Korea JoongAng Daily) that reports of a foldable priced under $500 are “groundless” and that Samsung has no plans to manufacture a foldable in the mid-range segment.
Previous reports from market analysts like TrendForce and other leakers had indicated that Samsung may price future foldables as low as $400-500 to broaden their appeal. However, a spokesperson dismissed such speculation.
We don’t plan to manufacture foldable smartphones that are priced in the midrange, and the latest rumors are groundless. There’s nothing decided on the matter.
Sources in Samsung’s supply chain had revealed plans to bring foldables to the more affordable mid-range market by 2024. This sparked hopes that the manufacturer would launch a fan edition or downgrade specs to hit aggressively lower price points.
The company’s foldables currently sit in its premium lineup just below the flagship Galaxy S series, with the Z Flip 5 starting at $999 and the Z Fold 5 at $1,799.99 in the US. Earlier reports claimed the company was developing a foldable to launch in 2024 with a price tag under $500.
As foldable screen technology matures and competitors like Google and Huawei introduce their own models, consumers have demanded more affordable options. Samsung signals that significant price cuts on its flagship foldables are not imminent.
By downplaying ambitions for a budget foldable next year, Samsung aims to maintain its first-mover advantage in what’s projected to become a $29 billion market by 2025.
In other news, Samsung announced its first generative AI model, Gauss, at the Samsung AI Forum last week. According to the company, developed by its research arm Samsung Research, Gauss aims to harness the power of AI to improve people’s lives.
Source: Korea JoongAng Daily