Samsung's Galaxy Fold and Huawei's Mate X foldable phones may rightfully dominate the headlines but they come with the caveat of outrageous prices. Xiaomi is set to join the foldable race in the coming months and will, in typical fashion, offer a product that heavily undercuts the competition in price.

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Xiaomi is set to unveil its own foldable phone in the coming months, and the device will be priced so as to massively undercut the competition. Reports claim that the device will cost US$999, which would be about half the price of most other foldables.

Foldable phones were always going to be the next “big thing”, so it’s no surprise that a number of foldables were unveiled last month at MWC. While companies like Energizer have showcased their takes on the technology, the biggest talking points were the Mate X and Galaxy Fold by Huawei and Samsung respectively.

Both devices have something in common: price—as the Mate X has a US$2600 MSRP, while the Galaxy Fold will set buyers back US$2000. We also don’t expect foldable phones from other OEMs to be significantly cheaper. That is, bar Xiaomi’s, of course.

Xiaomi’s foldable phone is yet to be officially named, but it’s likely to be a toss-up between the “Mi Flex” and “Mi Fold”. While we don’t expect it to be quite as good as either the Mate X or Galaxy Fold—for one, it doesn't use OLED panels made by Samsung—we believe it will offer a good price to performance ratio, as is customary with Xiaomi’s offerings.