Seoul, March 5 (IANS): South Korean tech giant Samsung is planning to increase its foldable display production capacity to 1 million units per month by the end of the year.

The smartphone manufacturer is currently producing 260,000 foldable displays per month with plans to reach 600,000 units per month by the end of May, ET News Korea reported on Wednesday.

According to an official announcement made by a display equipment maker Philoptics, it plans to supply $13.8 million and $5.84 million worth of equipment by the end of May and the end of July, respectively.

As per report, Philoptics is the only company that current supplies cutting equipment that is a key equipment for manufacturing of foldable displays to Samsung Display.

Samsung Electronics after launching Galaxy Flip Z in this first half of 2020 is planning to launch another new foldable smartphone in the second half of this year.

As the number of foldable smartphones from Samsung has increased from one in 2019 to two in 2020, there needs to be greater production capacity of foldable displays.