Samsung Electronics Co. has lowered the price of its latest foldable smartphone, the Galaxy Z Fold2, industry insiders said Thursday, in an effort to popularize the foldable smartphone category.

The ex-factory price for the Galaxy Z Fold2 5G, which was launched last September, has been set at 1.892 million won ($1,675) here, down from 2.398 million won, according to people in the mobile industry.

The ex-factory price, or list price, refers to the selling cost of goods from the manufacturer's plant before distributors sell products to their customers.

With the country's three major telecom firms -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- also providing subsidies, with LG Uplus offering up to 800,000 won, consumers can purchase the Galaxy Z Fold2 as low as 972,000 won here.

Last month, Samsung lowered the list price of the Galaxy Z Flip 5G, a clamshell-type foldable smartphone, to 1.349 million won from 1.65 million won.

Industry insiders said the latest price cuts from Samsung are part of its efforts to enhance accessibility to its foldable smartphone products, so that more people can experience and buy its Galaxy Z devices.

Samsung, the world's largest smartphone producer, is expected to release new foldable smartphone models with lower price tags and diversify its lineup to popularize to boost sales.

Industry observers speculate that Samsung could add a budget model of the Galaxy Z series, with some expecting the South Korean tech giant to introduce a double-folding smartphone to its portfolio.

Samsung was the dominant player in the global foldable smartphone market last year, accounting for an 87 percent share on a unit basis, according to market tracker Display Supply Chain Consultants (DSCC). (Yonhap)