South Korean company Samsung Electronics Co., Ltd. is reportedly working on a new smartphone that is capable of folding, according to recent reports. Called the Samsung Galaxy S7, Australia Network News reports that the new smartphone is now expected to arrive before the end of the year.

It was revealed back in 2013 that Samsung was then preparing to develop an unnamed foldable device with an expected release date between late 2015 to early 2016.

At Samsung's Investor Forum 2014 held in New York last November, Lee Chang Hoon, vice president of the company's business strategic team, said in regards to the new foldable smartphone, "We will secure production capacity of 30,000 to 40,000 (flexible displays each month) by the end of next year."

"We plan to provide consumers with a product that has a flexible display by the end of the year. However, nothing has been decided on the finished product," Hoon added.

Australia Network News adds that the new Samsung Galaxy S7 will be the first device to be capable of folding, if the South Korean giant goes ahead with its current plans. In order for Samsung to succeed, Digital Trends indicated that the company must consider the phone's internal components such as the processor and battery.

Last month, the company also announced it has developed a new technology that is capable of increasing battery life without it occupying any more space. According to researchers affiliated with the company, this technology allows batteries to last longer, up to two times more than current batteries.

In addition, Samsung is also planning to develop a new electronic subscriber identity module (e-SIM) technology standard along with tech giant Apple Inc. and members of GSMA, which is the global association of mobile telecom service providers. This move could signal the end of traditional SIM cards, according to earlier reports.