Samsung Unveils Larger Foldable Phone, Raises Prices

Samsung Electronics on Wednesday unveiled a passport-sized foldable phone and raised prices of two updated foldable models, as it grapples with rising memory chip prices while bracing for a new threat from Apple in the niche but growing segment.

The Product

The new device, whose official name hasn't been disclosed, features a larger screen when unfolded, roughly the size of a passport, making it more practical for daily use. Samsung also updated its Galaxy Z Fold and Galaxy Z Flip models with improved cameras and battery life.

Pricing and Availability

Samsung raised prices of the two updated models by 5% to 10% compared to the previous generation, without specifying reasons. Shipments are expected to begin in key markets next month.

Competition

Samsung currently dominates the foldable phone market, but faces a threat from Apple, which analysts expect to launch a foldable phone with a screen similar in size to an iPad mini this year. Chinese rivals like Huawei and Xiaomi also offer competing products at lower prices.

Potential Impact on the Company

"Strategically, this is one of Samsung's most important foldable launches," said Francisco Jeronimo, vice president at IDC, as the company seeks to solidify its position before Apple enters the market. However, the price hike could dampen demand in price-sensitive markets.