Samsung refutes reports of a mid-range foldable

The foldable smartphone market has observed significant growth and competition in recent years. Just recently, two new foldable OnePlus Open and Pixel Fold devices entered the market. In particular, the South Korean conglomerate is the company that should be credited with the concept of foldable smartphones, although it was not the first company to debut a foldable smartphone.

Samsung does have a role in the popularity of the foldable smartphone concept. The company revealed its plans for a foldable smartphone at its annual developer conference in 2018. A few months later, the Galaxy Z Fold was unveiled. However, the cost of foldables has always been a major obstacle. Foldable smartphones are more expensive than traditional mobile phones.

Samsung is not working on an affordable foldable

In the past few days, some rumors emerged that suggested that Samsung might be working on a mid-range foldable. Rumors indicate that the smartphone could arrive in 2024. All such rumors have been denied by Samsung officially. A representative for Samsung was quoted by Korea JoongAng Daily as saying, “We don’t plan to create foldable smartphones that fall in the affordable category, and the latest reports are baseless.” This is quite strange. Last week, a report claimed that the company would launch a mid-range foldable. Similarly, a report from TrendForce indicated that supply chain sources suggest that the company will debut a mid-range foldable phone in 2024.

The competition in the foldable market is increasing

Although the company has officially responded to the rumors, there still might be some hope. Perhaps the company will consider it in the future. Previously, a report suggested that the device might come with an $800 price tag, which is not a mid-range price tag in any case. The competition is gearing up in the foldable market. Chinese smartphone companies like Honor, OnePlus, Vivo, and Oppo have entered the foldable market in addition to Google and Motorola. According to Counterpoint Research’s report, the demand for foldable smartphones is expected to grow next year.