LG Electronics on Thursday took the wraps off a new premium smartphone that touts brand-new features such as a second screen and dual cameras.

The V10 is the first in a new line of Android smartphones from the Korean tech giant since LG’s mobile chief Cho Juno took office in December last year.

The new phone comes as the company’s mobile business unit continues to suffer from sluggish sales in a crowded market dominated by Samsung and Apple. 

“We can no longer focus only on the sales figures,” said Cho at the phone’s launch event held in Seoul.

“It’s more important for us to create a fan base for LG phones. The V10 is the first product in the new direction.”

A distinctive feature of the stainless steel body V10 is an independent, second screen inset above the handset’s main 5.7-inch screen. The screen displays weather, time, date and the user’s favorite apps when the main display is turned off.

The phone also features dual front-facing 5-megapixel cameras capable of taking wide-angle images without having to pan the handset from side to side.

The cameras can take 120-degree photos, allowing seven to eight people to take a group photo without a selfie stick.

The phone also comes with video capturing, editing and sharing capabilities designed to produce more sophisticated videos.

Despite the new features, the company has set the price tag at the lowest level in the market -- 799,700 won ($680).

“Consumers feel the price pressure of premium phones. Our pricing will make their access easier,” the mobile chief added.

LG will launch the V10 on Oct. 8 starting in Korea and then other global markets.

Other features include a 16-magapixel rear-facing camera, 4 gigabytes of RAM, 64 gigabytes of storage and a 3,000mAh battery.

The battery, supported by Qualcomm’s Quick Charge 2.0, can be half-charged in 40 minutes.

LG said it was working on its own payment system but cautioned about its immediate launch.

By Lee Ji-yoon (jylee@heraldcorp.com)