LG isn't satisfied only releasing the G4 and G Flex 2. The company plans to release another flagship smartphone this year and LG says the phone will launch in the second half of the year. LG made the announcement during an event in Taipei. Sales should be boosted with the second phone and LG already expects 10 million G4 handset sales globally this year.

It is not believed the phone will be a successor to the G4. A successor this soon would not make sense--the G4 just went on sale this month. Beyond that, we know almost nothing about the second flagship other than that it exists.

Previous statements from LG suggest the phone will be "above the G series." It's possible we could see a premium Samsung Galaxy Note competitor.