Samsung unveiled its first multi-folding phone, as rivalry heats up.

SEOUL (Reuters) – Samsung Electronics (005930.KS) revealed its first multi-folding smartphone on Tuesday, aiming to enhance its position in a phone market segment where competition is anticipated to heat up.

The Galaxy Z TriFold is Samsung’s attempt to bolster its position in a field where Chinese rivals have been gaining ground, despite analysts predicting that foldable handsets would remain a niche category for the time being due to high prices and production issues.

The device, which costs around 3.59 million won ($2,440.17), unfolds into a 253.1 millimeter (10-inch) display with three screens and is roughly 25% bigger than Samsung’s current foldable Galaxy Z Fold 7 model.

“I believe the foldable market will continue to grow, and the TriFold in particular could act as a catalyst that drives more explosive growth in key parts of the segment,” said Alex Lim, Samsung Electronics Executive Vice President and Head of the Korea Sales & Marketing Office.

Lim stated that the new foldable gadget is meant for people who expressly desire it, not as a volume driver.

The TriFold, manufactured in South Korea, will be on sale locally on December 12 and will be available in China, Singapore, Taiwan, and the United Arab Emirates later this year. The US debut is scheduled to take place as early as the first quarter of next year.

The handset has Samsung’s biggest battery in its flagship models and enables super-fast charging, which can charge the phone to 50% in 30 minutes.

Lim stated that memory chips and other component costs had risen rapidly, making pricing a “difficult decision”.