In the folded state, the phone is 14mm thick throughout, but its height is significantly less than 172mm.
In the unfolded state, only the lip at the bottom remains 14mm thick. The rest is 7mm thick.
172 x 72 x 14 is a meaningless figure because it combines maximum dimensions from two different states. The fact that the lip at the bottom doesn't unfold probably adds to the confusion.
Edit: According to updated figures from GSM Arena, the folded height is 94mm -- even shorter than the old Razr. So the actual volume (ignoring curves) is 94 x 72 x 14 = 94,752mm^3 = only 31% bigger than the old one.
In the unfolded state, only the lip at the bottom remains 14mm thick. The rest is 7mm thick.
172 x 72 x 14 is a meaningless figure because it combines maximum dimensions from two different states. The fact that the lip at the bottom doesn't unfold probably adds to the confusion.
Edit: According to updated figures from GSM Arena, the folded height is 94mm -- even shorter than the old Razr. So the actual volume (ignoring curves) is 94 x 72 x 14 = 94,752mm^3 = only 31% bigger than the old one.