Apple's next big product doesn't sound that convincing

• The iPhone could get a major redesign as early as 2026, The Information reported.
• Apple is reportedly moving forward with its plans for a foldable handset.
• The project isn't guaranteed, but Apple competitors are way ahead when it comes to flip phones.

Apple is reportedly planning to take the iPhone's design in a new direction — but the possible hardware update isn't actually all that innovative.

Apple is working on plans to start selling a foldable version of its iconic phone as early as 2026, sources told The Information. It's not guaranteed to be released, but those familiar with the project told The Information that the company has reached out to suppliers in Asia for components.

Whispers about a foldable iPhone have floated around for months, but Apple is already years behind similar offerings from competitors. It's unclear who, exactly, is hoping to get their hands on an Apple flip phone after years of the same silhouette.

Investors have questioned what Apple's next big innovation will be, and so far, 2024 has been a mixed bag. It unveiled its long-awaited AI plans and is gearing up to release the iPhone 16, which — thanks to its AI capabilities — analysts believe could spark a "golden upgrade cycle."

But the release of the $3,500 Vision Pro earlier this year in the US failed to move the needle significantly in terms of sales, leaving a lot riding on the next iteration of the iPhone. Apple also killed its self-driving-car plans in February.

Meantime, competitors like Samsung and Chinese rival Huawei already have foldable phones available.

On July 10, Samsung announced the new Galaxy Z Flip 6 and Galaxy Z Fold 6. The two smartphones fold differently, and The Information reported that Apple's planned phone will fold similarly to the Z Flip, which was first launched in 2020.

The new handset could also be pricey. Ming-Chi Kuo, a much-followed analyst who has previously been a go-to for Apple product predictions, noted that a possible all-screen foldable MacBook could cost the company a lot to mass produce to Apple's quality standards.

Although innovation and creativity are pillars at Apple, making new, more expensive products like the Vision Pro hasn't always paid off.

Still, the loyalty of Apple users (Wedbush Securities analysts estimated earlier this year that there were 2.2 billion iOS devices out there) may ensure a foldable iPhone isn't a flop after all.

Are you a current or recent Apple employee? Reach out to this reporter via email at jhart@businessinsider.com or Signal at @jordyhart.99.