Samsung Electronics Co Ltd has unveiled the first consumer-ready foldable smartphone on Thursday, which serves as a tablet when fully opened and becomes a phone when closed, at the company's annual Unpacked event in San Francisco.

The new phone, called the Galaxy Fold, features the world's first 7.3-inch Infinity Flex Display that allows users to open and close the device a countless number of times without degradation. The South Korean tech giant says the new smartphone is creating "a new mobile category".

When folded up, the Galaxy Fold has a 4.6-inch display designed to fit in the palm of a hand, and when opened up, it has a 7.3-inch display that's tablet-sized. The device contains a total of six cameras – three on the back, two inside and one facing front. There are also two batteries, one on each side of the fold, that allow the tablet to more easily fold in half.

"Today, Samsung is writing the next chapter in mobile innovation history by changing what's possible in a smartphone. Galaxy Fold introduces a completely new category that unlocks new capabilities never seen before," said DJ Koh, president and CEO of the IT & mobile communications division of Samsung Electronics, at the launch event.

It's available in both an LTE and 5G version, starting at a whopping $1,980. April 26 is the launch date.

Samsung first unveiled a prototype of the Galaxy Fold in November, when it promised that a model people will actually be able to buy was launching soon.