So far Carl Pei was very cautious about folding phones and at least as far as I know, that opinion didn’t really change.
Foldables are much more complex phones, both to design and build, which means they are expensive in every way. Considering Nothing seems most successful in the medium and lower price tiers, such a phone would be quite a financial risk for the company. Big players like Samsung and Apple have more financial freedom to do such experiments, as we have seen from Samsungs folding adventures when they introduced the very first Galaxy Fold.
But Nothing as a still young and small company can’t really afford such an adventure.
Another reason: Foldables are still niche devices. Yes, to my knowledge sale numbers improved over the years and foldables got more popular, but still are behind regular slab phones. So you combine a more or less small, rather unknown brand for a more niche device - I can see why Nothing seems to ve rather hesitant about it.
Maybe the public acceptance and demand will soar once Apple released their foldable, however that doesn’t still change the fact foldables are fairly expensive devices still, you won’t be seeing them new for €800 or even less.