Samsung says it's not working on a mid-range foldable, bummer!

Foldable phones have gained significant traction in recent years. Take the OnePlus Open or Pixel Fold, for example. The right credit must go to Samsung for popularizing the concept of foldable smartphones.

While Samsung wasn’t the first to introduce a foldable phone, it played a pivotal role in popularizing the concept. In 2018, at its annual developer conference, Samsung showcased its plans for foldable devices, followed by the launch of the Galaxy Z Fold a few months later. However, foldables have consistently faced a significant barrier: their price. Unlike Candybar smartphones, foldables carry a hefty price tag.

Samsung officially denies rumors of an affordable foldable

Recent rumors suggested that Samsung might be working on a mid-range foldable phone slated for release in 2024. However, the company has officially denied these rumors, stating that it has no plans to manufacture foldable smartphones in the mid-range price category.

“We don’t plan to manufacture foldable smartphones that are priced in the [mid-range], and the latest rumors are groundless,” Korea JoongAng Daily cited Samsung’s spokesperson.

This might seem odd. But last week a report emerged claiming that Samsung may be gearing up to launch affordable foldables. TrendForce reported that the “supply chain sources” have revealed that Samsung is planning to launch mid-range foldable phones in 2024.

There might still be hope, given the competition in the market

Samsung spokesperson’s statement clears the air that something below $500 is not in the works. However, it doesn’t necessarily eliminate the future chances of a Samsung affordable foldable. The initial 2022 report only stated that the device would be priced below $800, which, by current smartphone standards, is not considered “midrange.”

There’s undoubtedly rising competition in the foldable market. Several brands, including Chinese brands, have jumped onto the foldable market to grab a share. Samsung’s key competitors remain Honor, OnePlus, Vivo, Oppo, Motorola, and Google. Moreover, the demand for foldable is expected to grow in 2024, noted Counterpoint Research.