Samsung Electronics said Tuesday it plans to focus on beefing up price competitiveness of its handsets next year, apparently as its foothold in the global market has been challenged by Chinese players. The company also plans to launch a flexible display for handsets that can be folded in half, according to Lee Chang-hoon, vice president of business strategic team, Samsung Display, who spoke during Samsung Investor Forum 2014 in New York.

Samsung Electronics is planning to expand its product line of flexible-display smartphones following the reception of the Galaxy Note Edge, which has a curved display that wraps around its side.

Lee also said that the company is planning to lower production costs of AMOLED displays.

Samsung also plans to lower the number of smartphone models released in 2015 by one fourth to one third compared to this year. That would allow the company to also lower the prices of its remaining models through mass production.