Apple is the latest tech giant exploring the possibility of foldable smartphones, according to a new report.

The company wants to launch an all-new iPhone in just two years. It will have a totally refreshed design, CNBC has reported, citing analyst Wamsi Mohan at Bank of America Merrill Lynch. He claimed the Cupertino-based company is currently working with its Asian partners on a foldable phone. While the iPhone coming this autumn will be similar to last year's, the iPhone coming in 2020 will be radically different.

It could even double as a tablet, he said. But analysts often love to speculate about what Apple might be developing, even if their predictions don't come to fruition. They've thought for years that foldable phones are the next big thing, for instance. Although Lenovo and Samsung have demoed foldable concept phones, only ZTE has launched such a device. It essentially has two displays with a hinge.

Keep in mind a Korean news site claimed last autumn that Apple planned to source foldable OLED panels from LG and start production in 2020. It cited unnamed sources and didn't seem to carry much weight. Now, however, thanks to Mohan, that report is looking more credible.

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