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Samsung Electronics Co. Ltd (SSNLF)  updated its smartphone lineup with a slew of new devices, including one that takes the luxury smartphone to a whole new level.

The consumer electronics giant announced on Wednesday that it is releasing a new foldable smartphone with three screens that will start at $1,980, as well as three differently sized models of its flagship Galaxy phones and a new 5G-enabled phone. 

The new Samsung Galaxy Fold has a 4.6-inch screen on the front that opens up to two more screens that can connect seamlessly to form a 7.3-inch tablet. A single app displayed on the front screen will automatically display on the single large screen when the tablet is unfolded, but the tablet screen can also support up to three apps running at the same time.

The Fold features 12 GB of RAM and 512 GB of onboard memory and uses chips made using the latest 7-nanometer manufacturing process. It contains a whopping six cameras -- three on the back, two inside and one on the front -- so that photos can be taken however the phone is configured. 

The Fold's starting price is $1,980 and goes up to $2,500, significantly more than other smartphone on the market. Apple's (AAPL) - Get Apple Inc. Report highest-priced phone now is the iPhone XS Max that starts at $1,099 and goes up to $1,449; the high prices of its latest iPhones was blamed for their weaker-than-expected sales. The Galaxy Fold will be available to customers starting on April 26 this year. 

"With the Galaxy Fold, we've reinvented the display from the ground up and created an all-new smartphone category," said Samsung Electronics CEO DJ Koh at the event in San Francisco, at which Samsung is also unveiling several other smartphones and devices.

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Samsung also released an entire line-up of its flagship Galaxy S10 phones in addition to the much anticipated foldable phone. 

Here are the other new smartphone releases, which will all be available starting on March 8:

  • Galaxy S10e featuring a compact 5.8-inch screen, starting at $749.
  • Galaxy S10 featuring a 6.1-inch screen, starting at $899.
  • Galaxy S10+ featuring a 6.4-inch screen, starting at $999.

In addition, Samsung announced that it would release a 5G-enabled S10 featuring a huge 6.7-inch OLED screen in the second quarter of 2019 for an undisclosed price. Verizon (VZ) - Get Verizon Communications Inc. Report will initially be the exclusive seller of the 5G smartphone in the U.S.

Samsung also announced a new version of its wireless in-ear Galaxy Buds with adaptive dual microphones. The company said they are 30% smaller than the previous version and can stream up to six hours of music. 

Samsung shares closed up 2.07% on Wednesday on the Korean Stock Exchange (which is about to open its Thursday's session in a couple hours). Apple shares closed up .64% to $172.03.

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