Samsung is launching a faster, 5G version of the Galaxy Z Flip, its foldable phone that snaps open and closed like an old-school flip phone

• Samsung is launching a new version of its Galaxy Z Flip foldable phone with 5G support and a faster processor.
• The phone will also be launching in new colors and comes at a slightly higher price.
• The debut comes after Samsung launched the original Z Flip alongside the Galaxy S20 earlier this year, a sign that major device makers are still experimenting with new designs for foldable phones.

Samsung just launched the Galaxy Z Flip earlier this year, but the company is already debuting a newer model with an updated processor and 5G connectivity that comes in new color options.

The Galaxy Z Flip 5G, launching on August 7, is slightly more expensive at $1,450 compared to its $1,380 predecessor. The phone will be powered by Qualcomm's new Snapdragon 865 Plus processor that was just announced earlier in July, a new model that the chipmaker says is optimized for fast performance in mobile gaming and 5G support.

Specifically, Qualcomm claims the 865 Plus should offer 10% faster graphics rendering compared to the Snapdragon 865, which powers Samsung's Galaxy S20. The older Galaxy Z Flip, by comparison, is powered by this chip's predecessor, the Snapdragon 855 Plus.

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The new Z Flip model will also come in two new colors: Mystic Gray and Mystic Bronze, and Samsung is also making some changes to the phone's "flex" mode — i.e., when the phone is being used while propped open. Such updates will make it easier to watch YouTube and use the camera when shooting at different angles when using the phone in this state.

Samsung launched the Galaxy Z Flip in February alongside its Galaxy S20, making it the company's second foldable device after the troubling launch of its original Galaxy Fold in 2019.

The Galaxy Z Flip, as its name implies, is meant to be a modern revival of the classic flip phone. Like those vintage cell phones from the '90s and early '00s, the Z Flip has a clamshell design that snaps open and shut. The Z Flip's debut came after Motorola unveiled an updated version of its iconic Razr flip phone just a couple of months earlier.

One of the characteristics that sets the Z Flip apart from earlier foldable phones like the Razr and Galaxy Fold is its flexible glass screen. These other devices have plastic screens by comparison.

The announcement comes just before Samsung's event on August 5, where TM Roh, Samsung's president and head of its mobile communications business, said it will unveil five new devices. One of these devices is expected to be the Galaxy Note 20, the next-generation of its popular stylus-equipped phone.