Seoul, Aug. 27 -- Apple is preparing to challenge Samsung Electronics in one of the few smartphone segments that is still growing, entering foldables seven years behind its Korean rival, The Korea Herald reported on Thursday. Apple's ability to catch up may hinge on pricing as it prepares to unveil its first foldable iPhone.

Apple has scheduled a special event at its California headquarters for Sept. 9. Industry watchers expect the company to unveil its first foldable iPhone, widely dubbed the iPhone Ultra, alongside its iPhone 18 Pro lineup. Apple has not confirmed the device, its specifications or its price.

The foldable is expected to have passport-like proportions, similar to Samsung's Galaxy Z Fold8, with an inner screen approachin...