The head of the mobile business at Samsung Electronics Co. has expressed confidence in the South Korean tech giant's foldable technology ahead of the planned launch of a rival device by Apple Inc.
LONDON — The head of the mobile business at Samsung Electronics Co. has expressed confidence in the South Korean tech giant's foldable technology ahead of the planned launch of a rival device by Apple Inc.
"The technological expertise and understanding of customers that we have built over seven years cannot be caught up to overnight," Roh Tae-moon, co-chief executive officer of Samsung Electronics and head of its mobile business, told reporters.
Samsung unveiled three Galaxy Z foldable smartphones powered by Alphabet Inc.'s Gemini artificial intelligence (AI), marking the company's first major lineup expansion since the launch of its first Galaxy Z models in 2019, reports Yonhap news agency.
The remarks came as Apple is expected to unveil a similar book-style design for its first foldable iPhone in September, setting the stage for fierce competition in the foldable smartphone space.
"Foldables have reached maturity both technologically and as a market," Roh said. "The entry of more companies into the market means that foldables have already become a mainstream product and that the market is likely to grow further."
Roh also said Samsung's Galaxy smartphones played a key role in pioneering the foldable market and bringing the experience to consumers.
Asked about Samsung's decision to set lower prices for its new foldable smartphones in South Korea than in overseas markets despite rising costs due to higher memory prices, Roh emphasized the importance of the domestic market.
"Taking into comprehensive consideration the importance of the Korean market, we set prices that are more affordable than in any other market in the world," he said.
The Galaxy Z Fold 8, based on the 256-gigabyte model, is priced at 2.28 million won (US$1,541), down 101,200 won from its predecessor.
The Galaxy Z Fold 8 Ultra is priced at 2.58 million won, up 198,000 won from the Galaxy Z Fold 7, while the Galaxy Z Flip 8 is priced at 1.68 million won, also up 198,000 won from its predecessor.
The new smartphones will be rolled out sequentially in South Korea and other markets worldwide starting Aug. 7. In South Korea, preorders will run from next Tuesday through Aug. 3.