In a statement, LG Electronics said that it hopes to raise sales of smartphones to 30 million.
Altogether, LG plans to sell 150 million phones, a 30 percent increase from last year.
"They are trying to be one step ahead of their competitors in adopting new technologies because they've been behind," Lee Soon Hak, a Seoul-based analyst at Mirae Asset Securities Co, explained to Bloomberg.
"In our view, their competitiveness is recovering."
The announcement prompted shares in LG to rise in early morning trading in Seoul, South Korea.
Founded in 1958, LG Electronics s the world's second-largest manufacturer of television sets and third-largest producer of mobile phones.
It is, in fact, the flagship firm of the LG Group, one of the largest electronic conglomerates in the world.
