Barcelona, Mar 2 (IANS): Lenovo CEO Yuanqing Yang has confirmed that a new version of the foldable Motorola Razr smartphone will be launched this year.

Launched by Motorola in 2004, the Razr became one of the most popular flip phones of the 2000s.

Yang told CNBC in an interview at the Mobile World Congress (MWC) 2023 that the reception to the Razr "is good" and that Motorola will launch the new version of this foldable phone "very soon".

"I think it's much better," he said of the device.

He gave very few details about the upcoming smartphone but stated that the hinge and the applications on the device would be the main areas of improvement.

Yang also stated that although the cost of foldables are currently quite high, they will go down in the future which could make the market bigger.

"When the technology becomes mature, then the price could go down then you can drive higher volume," the Lenovo CEO said.

At MWC, the company also showcased its "rollable" concept smartphone, featuring a display that rolls up.

According to research firm IDC, shipments of foldable devices made up only 1.1 per cent of all smartphone shipments in 2022 and are only expected to rise to 2.8 per cent in 2026, the report said.