Rumors of Apple Inc (NASDAQ: AAPL) introducing a foldable iPhone have been in the air for some time now. A recent report from the Chinese news site Economic Daily News suggests the idea is coming closer to reality. What Happened: Apple is seriously pursuing its foldable phone ambitions and has begun testing the product at its assembly partner Hon Hai Precision Industry Co., Ltd.-ADR (OTC: HNHPF), known as Foxconn, the report said.Cupertino is reportedly evaluating the use of OLED or micro OLED tech for a foldable iPhone screen, as assembling methods for these two types of screens are very different.Apple is testing several key components of a foldable iPhone such as the screen and bearings in a bid to expeditiously bring the product to the market, the report said.The foldable iPhone could be in for a September 2022 launch, according to the Economic Daily News. Samsung would supply the panel for the screen, and bearings are likely to be supplied by Taiwanese companies, including New Nikko, according to the report.Related Link: Why iPhone 12 Will Be Another ‘Defining Chapter’ In Apple’s Growth Story Apple leaker Jon Prosser had revealed in a tweet in June that Apple’s foldable phone has two separate display panels on a hinge, unlike Samsung’s Galaxy Fold, which has a single display.> Apple’s “foldable” iPhone isn’t really a foldable.> > The current prototype has two separate display panels on a hinge.> > Round, stainless steel edges like current iPhone 11 design.> > No notch — tiny forehead on outter display that houses Face ID.> > — Jon Prosser (@jon_prosser) June 15, 2020Why It’s Important: Any Apple product launch brings hyped-up expectations. Apple will fall into the role of follower rather than an innovator at least with respect to foldable phones.It remains to be seen how much of Apple’s touch the company can add to the product to differentiate it from the foldable phones already available on the market.AAPL Price Action: At last check, Apple shares were trading down 0.15% at$119.21. Related Link: Reliable Apple Leaker Predicts Christmas Surprise From Cupertino Courtesy photo. See more from Benzinga * Click here for options trades from Benzinga * Reliable Apple Leaker Predicts Christmas Surprise From Cupertino(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.