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| LG V60 ThinQ. Courtesy of LG Electronics |
By Kim Hyun-bin
LG Electronics will end production of its flagship G series smartphone and introduce a new mass premium product in the first half of the year, according to industry and company sources Sunday.
The move is aimed at better appealing to consumers and, in turn, overcome a close to five year deficit in the smartphone market.
The G series was introduced in 2012 with the Optimus G, but after eight years it will come to an end and reportedly folded into the V series.
Industry watchers believe Lee Yeon-mo, appointed head of LG Electronics mobile division in November, is behind the move, as he was a strong advocate of merging the two brands to reduce research and development costs and increase sales.
According to the company, LG plans to scrap introduce "mass premium" brands, or low cost premium phones, after scrapping the G series.
The release date of the new model has not been confirmed, but industry watchers expect it to be introduced in May for the first time as a fifth-generation (5G) model.
The company has found success in several of its feature phones in the past including its Chocolate, Cookie and Prada phone line ups and plans to implement similar strategies when introducing the mass premium smartphones.
LG Electronics released its flagship 5G smartphone V60 ThinQ earlier this year in a handful of countries in North America and Europe.
At the time, the company announced it will not release the high-end smartphone here as it was introducing a mass premium phone in the coming months with a reduced price and mid-premium level specifications.
The new phone is expected to offer dual screen capabilities and the price is expected to be around 800,000 won ($656).
