Samsung slashes prices in bid to boost foldable phone sales

SAN RAMON, Calif. (AP) — Samsung is hoping cheaper but more durable versions of its foldable phones will broaden the appeal of a high-concept design that's so far fizzled with consumers.

The electronics giant on Wednesday launched its effort to turn things around with two new products designed to function as both a phone and, when unfolded outward on a hinge, a tablet.

The larger Galaxy Fold3 boasts a 7.6-inch display when unfolded and will sell for $1,800, a 10% drop from last year’s model. The other device, the Galaxy Flip3, looks more like a flip phone, but can still be opened from its clamshell position into a 6.7-inch display. It will sell for $1,000, more than 25% below the price for last year’s original model.

Besides the new phones, Samsung also unveiled its first smartwatches powered by software designed in tandem with Google as both companies try to catch up with Apple in that part of the wearable tech market.

Since releasing its first foldable phones in 2019, Samsung has been hyping the technology as a breakthrough that will spur more consumers to splurge on new phones instead of holding on to older devices until they wear out or upgrading to new models that have most of the same features.

But foldable phones have barely made a ripple in the smartphone market, with roughly 2 million of the devices shipped last year, according to the research firm International Data Corp. That’s a tiny fraction of the nearly 1.3 billion smartphones shipped worldwide last year, IDC said.

“What has really been holding back the mass consumption of these foldable devices is the high price,” IDC analyst Nabila Popal said. “Most people really don’t see the need for it. At least nothing that justifies forking out an additional thousand dollars."

Popal believes Samsung’s lower...