The Razr is one of the brand’s most iconic mobile phones and was first launched by Motorola in 2004. It became one of the most popular flip phones of the 2000s.

Motorola revived the Razr brand in a new foldable form in 2020, becoming one of the first smartphone makers to launch a device with a bendable screen.

The Razr retains its folding feature. But instead of a hinge, like the original device, the screen can bend, allowing the phone to fold.

Lenovo CEO Yuanqing Yang told CNBC Wednesday in an interview at the Mobile World Congress in Barcelona, that reception to the Razr “is good” and that Motorola will launch the next version of the foldable phone “very soon.”

“I think it’s much better,” Yang said of the yet unlaunched device.

He provided very few details but said that improvements would focus on the hinge and the applications on the device. Smartphone makers from Samsung to Honor that have launched foldable phones have focused on the hinge to make sure it is robust and also does not produce a line in the screen of the device. Yang said this is where the next generation of Razr phone would see improvements. Over the last few weeks, a number of players have launched foldable smartphones for the global market including Chinese vendors Honor and Oppo.

Foldable devices accounted for only 1.1% of total smartphone shipments in 2022, according to research firm IDC, and are only expected to increase to 2.8% in 2026. But they are seen by electronics makers as a way to push in to the higher end of the smartphone market.

Yang said that the prices of foldables are quite high at the moment but will reduce 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.

Motorola is known for experimenting with different shapes of smartphones. At MWC, the company showed off a so-called “rollable” smartphone where the display rolls up.

The Find N2 Flip marks Oppo’s push to make a dent in the premium segment of the smartphone market and in the nascent foldable phone category.

The Find N2 Flip, which was launched Wednesday, folds in the middle like a traditional flip phone and boasts two screens. The main continuous 6.8-inch display is visible when the device is open and can connect to next-generation 5G mobile networks. There is a second display on the outside of the phone when the device is folded, which Oppo touts as the “largest cover screen of its kind.”

The company said the phone can withstand more than 400,000 folds and unfolds at standard room temperature, which it equates to opening and closing the device around 100 times a day for more than 10 years.

The foldable phone category, which was pioneered by Samsung, is still in the early stages. Shipments of foldables accounted for only 1.1% of total smartphone shipments in 2022, according to IDC, and are expected to increase to just 2.8% in 2026.

“I think there’s this kind of tricky thing with foldables: they’re all lovely, everyone is excited by them, but do we really know how big the market is?” Ben Wood, chief of research at CCS Insight, told CNBC via phone.

“I’m positive about the foldable iPad in 2024 and expect this new model will boost shipments and improve the product mix,” Kuo wrote on Twitter.

Kuo’s prediction aligns with a report from analyst firm CCS Insight, which wrote in October that Apple would launch a foldable iPad before it launches a foldable iPhone.

Several other manufacturers, including Lenovo and Samsung, make laptops or phones with full-size foldable displays. Apple has so far shied away from taking advantage of OLED technology in the same way. Rival Samsung has released multiple foldable phones, but Apple has maintained the rectangular shape of the iPhone since its launch.

“Right now it doesn’t make sense for Apple to make a foldable iPhone. We think they will shun that trend and probably dip a toe in the water with a foldable iPad,” Ben Wood, chief of research at CCS Insight, told CNBC in a 2022 interview.

In 2021, Kuo had predicted the release of a foldable iPhone in 2024, the same year he now predicts a foldable iPad to launch instead.

Kuo said he expects a foldable iPad to feature a carbon fiber kickstand sourced from Chinese manufacturer Anjie Technology.

A representative for Apple did not immediately respond to a request for comment.

Kuo is one of the most prolific and respected Apple analysts. The analyst has predicted multiple details on the iPhone SE 3, the 2021 MacBook Pro, and numerous iPad releases that have been substantiated at launch. Most recently, Kuo predicted a delayed launch for Apple’s highly anticipated mixed reality headset.