Samsung and Huawei already brought foldable phones into the mainstream, but their prices are very high. We’re talking about $2000 for the Galaxy Fold and $2600 for the Huawei Mate X. Xiaomi is now said to seriously undercut them by prepping a $1000 foldable phone.

A recent report by iGyaan mentions that Xiaomi’s foldable smartphone, dubbed Mi Fold or Mi Flex right now is going to be priced at $999 in USA or 999 euros in Europe. In India it should cost around $1087. The debut of the product is scheduled for sometime between April and June and it’ll first happen in China, followed by separate launches in other global markets.

The device will cost half of the Galaxy Fold because it uses OLED panels made by Visionox Technology, a company I must admit I haven’t heard of. We’ll see if the panels are half as good as the Galaxy Fold and Mate X ones. The source also mentions flagship specs for the device, including a Snapdragon 855 CPU, 10 GB of RAM and I also expect a dual or triple camera on board.

There was a video surfaced online for the device back in January, that revealed its dual folding nature. It’s not very clear if that format is still on the table, since it would make the device pretty pricey.